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National tenants anchor prominent Wairau Valley bulk retail site

NZ_AucklandCBD_Communications_National tenants anchor prominent Wairau Valley bulk retail site
A highly prominent bulk retail development anchored by blue-chip national tenants in one of the North Shore’s most tightly held commercial precincts represents an unbeatable purchasing opportunity for investors to pursue.

The strategically located property at 7-19 Croftfield Lane in Wairau Valley has an impressive total net lettable area of 3,276sq m, providing a total net annual rental income of $861,249 plus GST.

Warehouse Stationery is the main anchor tenant occupying Unit A, with fellow blue-chip tenants Curtain Studio and Morgan Retail in Units B and C. The investment also provides a total of 145 car parks, of which 82 are in the basement. The property is currently split into four separate unit titles, providing future flexibility for the new owner.

Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 3 November, unless sold prior.

Warehouse Stationery has become a household name by revolutionising the stationery retail business in New Zealand. The company opened its first store in Wairau Park in 1991 and has now grown to operate from more than 70 locations nationwide.

The current lease agreement expires in December 2023, with a further right of renewal for six years providing a final expiry in December 2029. Annual rental income is approximately $452,047 plus GST. A CPI rent review is scheduled for December 2023, while a market rent review based on the greater of either market rent capped at 10 per cent or CPI will take place in 2026.

Curtain Studio are experts in curtains and blinds and offer both readymade and custom-made products of superior quality and great value. They are in the midst of a six-year lease with a final expiry in January 2024 with CPI reviews due in February 2022 and the following year. The annual net rental income is $184,000 plus GST.

The tenant in Unit C is furniture importer and wholesaler Morgan Furniture, home of the one and only original La-Z-Boy Recliner.

They hold an eight-year lease that expires in June 2026 with two further rights of renewal of four years each, which include market rent reviews on renewal.

The current net annual rental income is $191,017 plus GST with 2 per cent annual increases, except on market rent review dates with the next review due in June 2022.

Chand, Director of Investment Sales at Colliers, says this site is one of the most exciting investment opportunities to arrive on the market this year.

“It is extremely rare to see a property of this size become available in such a prominent position in Wairau Valley,” Chand says.

“The building is well-placed with a strong tenant covenant with favourable lease terms, meaning it shapes as an ideal split-risk investment, providing immense security for buyers looking for premier assets to acquire.

“The building is positioned right next to State Highway 1 making this a highly visible asset for passing motorists and the site benefits from easy access via the Tristram Avenue interchange.”

Prentice, Director of Industrial Sales and Leasing at Colliers, says Wairau Valley is a growing retail hub that has experienced huge expansion.

“This site enjoys convenient access from the Northern Motorway with the CBD approximately 15 minutes away in normal driving conditions, while it is readily-accessible to other parts of the North Shore,” Prentice says.

“Wairau Valley is characterised by a mixture of bulk retail developments alongside smaller retail shops, and automotive outlets, but this property represents one of the standout offerings in the area.”

The Property is zoned as Business - General Business Zone under the Auckland Unitary Plan. This zoning provides for business activities from light industrial to limited office, large format retail and trade suppliers.

Related Experts

Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 13 years and since 2015 he has been a Director in the Investment Sales Team at Colliers International, specialising in Investment & Development Sales across the wider Auckland region.

Over the past 8 years he has been one of the most successful investment sales brokers in Auckland with a track record of significant sales second to none. He has had considerable experience in dealing with international purchasers and has recently completed several deals with investors out of Asia, Europe and the Middle East. He has been involved in a number of large land sales and portfolio sales, including divestments for well-known brands like Z Energy, The Warehouse & Bunnings.

Shoneet has been the top broker in his market for both 2014 and 2015 while also placing in the top 10 brokers nationwide again for Colliers in 2016. In 2017, Shoneet transacted over $260 million of property and was ranked 2nd in New Zealand.

He was the top broker at Colliers in the 2018 financial year and a finalist for the Commercial & Industrial Salesperson of the Year award, which is judged nationwide across all agencies. In both 2019 & 2020 he was again ranked in the top 5 brokers nationwide for Colliers and was involved in over $300 million & $325 million of sales in each calendar year. 

Over the past six years, he has transacted over $1.5 Billion dollars in sales.

Notable Transactions over $10m include;

  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 229 Dairy Flat Highway, Albany -   $33,000,000
  • Todd Industrial Park – Wellington -   $33,000,000
  • 9-11 Corinthian Dr, Albany -  $27,340,000
  • 44 Taharoto Road, Takapuna -   $27,270,000
  • 279-301 Lincoln Rd, Henderson -   $27,000,000
  • 11 Coliseum Drive, Albany -  $26,700,000
  • The Warehouse, Albany -   $26,400,000
  • LEP Childcare Portfolio-   $20,775,000
  • Farro Fresh/ASB Constellation Dr -   $25,500,000
  • Kmart Te Rapa  - $23,750,000
  • 1-11 Parkway Drive -   $21,000,000
  • Noel Leeming, Wairau Park -   $19,000,000
  • 5 The Warehouse Way, Northcote -  $19,000,000
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany -   $15,300,000
  • 151 Lincoln Road, Henderson -    $15,250,000
  • 51 Corinthian Drive, Albany -  $15,150,000
  • 7-21 Kawana Street, Northcote -  $14,998,100
  • 124 Bush Road, North Harbour -   $14,950,000
  • 550 Te Irirangi Drive, Botany -   $14,200,000
  • PlaceMakers, Albany -    $14,000,000
  • 24 Oteha Valley Rd Extn, Albany -    $13,300,000
  • 217-227 Archers Rd, Wairau Valley -   $13,250,000
  • 44 Arrenway Drive, Mairangi Bay -  $13,117,116
  • 6 Canaveral Drive, Mairangi Bay -   $13,000,000
  • 119-121 Onewa Road -   $12,750,000
  • 3 Monahan Road, Mt Wellington -  $12,680,000
  • 155 Wairau Road, Wairau Valley -   $11,500,000
  • 13 William Pickering Drive, Albany -  $11,400,000
  • 14-18 Lovell Court, Albany -  $10,500,000
  • WCDL Development on Onewa Rd -  $10,250,000
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Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specialising in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the "Golden Gavel" for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $550 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore. 

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