Plaza job affects earnings

Urbus is redeveloping the Waitakere Plaza shopping centre in Henderson, a $14.5 million expansion to be finished this year.

The 10-store centre is dropping in size from 19,000sq m to 16,000sq m and being converted into a bulk retail centre, to be rebranded Waitakere Mega Centre.

Reduced rental income from that project would push down earnings next year, Urbus said in its full-year result yesterday.

But when the job was finished, lease terms and vacancy rates throughout the entire portfolio would improve.

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