Stonefields Market for sale in sought-after Auckland growth hub

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High-quality, modern shopping centre at the heart of a popular Auckland suburb

A high-quality, modern neighbourhood shopping centre is for sale at the heart of the popular Auckland suburb of Stonefields.

Stonefields Market is an architecturally designed, open-air retail development that boasts a broad range of national and local tenants, providing plenty of income diversity.

It is superbly positioned at the gateway to Stonefields – an innovative, master-planned residential development in Auckland’s eastern suburbs, only 12km from Auckland’s CBD.

This highly desirable suburb will be home to some 6,000 residents upon completion, giving Stonefields Market a strong immediate retail catchment.

The property also benefits from a wider retail catchment that draws on the surrounding eastern suburbs, which are among Auckland’s most affluent.

Colliers International’s Capital Markets teams has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 26 February.

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Director Jason Seymour says it is a key part of the Stonefields experience.

“Stonefields Market is a true neighbourhood hub that provides essential services and convenience retail offerings in a vibrant, aesthetically considered setting.

“It combines large format tenancies, such as Speight’s Ale House and Flex Fitness, with a diverse mix of smaller specialty tenancies including Super Liquor, Barfoot & Thompson, food retailers and a nail salon.

“A first-floor office, occupied by Stonefields Medical Centre, is complemented by a pharmacy on the ground floor.

“All of the tenancies are within attractive, well-designed buildings with flexible layouts, plenty of natural light and modern services, making them highly desirable to tenants as Stonefields continues its rapid growth.”

Stonefields Market comprises 17 tenancies with a total net lettable area of some 2,887sq m.

It occupies a 9,066sq m freehold corner site at 30 Stonefields Ave, with 80m of frontage to College Road and 150m to Stonefields Ave.

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The property’s diverse tenant mix currently returns some $1.16 million in fully let net annual passing income.

The leases have a weighted average term of 4.87 years by income as at March 2020, with structured rental growth in many leases.

Peter Herdson, National Director of Colliers’ Capital Markets team, says much of the property’s appeal comes down to its location and amenities.

“Stonefields is central to Auckland’s affluent eastern bays, neighbouring Remuera, Meadowbank and Ellerslie to the west and Glendowie, St Heliers and Mission Bay to the north and east.

“The commercial and industrial areas of Mt Wellington and Panmure are readily accessible to the south as are the residential suburbs of Glen Innes and Tāmaki to the east.

“Stonefields is a recently developed suburb that has transformed 110ha of former quarry land into a fully integrated mixed-use development.

“It is unique to the eastern suburbs, offering a modern, sheltered and green village. Residential offerings range from large standalone homes to contemporary terraced houses and apartments, occupied by everyone from young singles and couples to retirees.

 Stonefields Market 30 Stonefields Ave Stonefields Auckland web 03

“Integrated within this development are a multitude of community parks, walking trails, a 5ha lake and wetland system, and a primary school with some 500 students.

“Other local amenities include the adjoining Auckland Netball Centre, St John’s Park and the Lunn Ave retail precinct.

“With over 10ha of land available for future development, Stonefields’ rich village environment looks certain to expand further.”

Blair Peterken of Colliers’ Capital Markets teams says planned development in Lunn Ave, Panmure and the wider Tāmaki area will further enhance demand and drive future income growth.

“Lunn Ave is already a key retail and commercial precinct, with major occupiers including New World, Mitre 10 Mega, Mico Plumbing, Repco and PlaceMakers.

“The new Stoneridge on Lunn retail development, under construction on Lunn Ave, will be anchored by The Warehouse, Warehouse Stationery and Noel Leeming, plus a variety of specialty, food and beverage retailers.

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“Nearby Panmure is undergoing significant transformational change and revitalisation over the next few years. The main street of Queens Road is to be redeveloped along with significant transport infrastructure improvements. The process has already begun with new rail and bus stations already completed.

“In the wider area, the Tāmaki Regeneration is the largest urban transformation project in New Zealand, encompassing Glen Innes, Panmure and Point England.

“Over 7,500 new homes are being built over the next 20 years along with brand new or redeveloped schools, amenities and playgrounds.”

Peterken says Stonefields is part of the wider Ōrākei Local Board Area, which outperforms national averages across growth in several areas.

“GDP growth in the area has more than doubled in the last 10 years and employment growth was 5.6 per cent in 2018, compared to the national average of 3 per cent. More than 24,000 people now work in the area.

“Retail trade is one of the biggest contributors to economic growth and the total number of businesses is growing at an above average rate.

“Demand for housing in Ōrākei has significantly outperformed other areas in the Auckland market. The median house price has almost doubled in the last 10 years, with the current median house price at $1,515,000 – well above the Auckland average of $868,000 as at November 2019.

“Stonefields is strategically located within this growth region, benefiting from above average economic performance and continuing growth and investment.”

Stonefields Market comprises a group of three buildings that have been completed to an exceptionally high aesthetic standard providing a pleasant retail and social experience for shoppers and tenants.

Car parking for 148 vehicles is provided around the perimeter and within the centre of the development.

Speight’s Ale House, situated on the corner of College Road and Stonefields Ave, has a high-quality modern fit out plus an outdoor courtyard area. Internally, it has polished concrete floors and stained timber and plasterboard lined ceilings.

It has two adjoining food and beverage retailers, one with a courtyard area and extensive landscaping.

A third L-shaped building includes ground floor retail and first floor offices with the retail units primarily orientated towards the north or west.

The office area, partly occupied on the first floor by the medical centre, enjoys outstanding natural light and has suspended ceilings, a 13-person Schindler lift and polished concrete floors in the lobby.


Related Experts

Jason Seymour

Director | Capital Markets

Auckland CBD

Jason has 29 years international experience in commercial sales, tenant representation, lease negotiation, corporate real estate strategy development, property management and building services design.

Jason joined Colliers International in 1991 to establish the engineering division in the Wellington office, and took on a national engineering role in 1993, incorporating the Wellington Property Management division in 1994. Jason transferred as a Director to the Colliers International Bangkok office in 1996, and in 1998 returned to Auckland to take up a role in commercial leasing brokerage, where he was consistently one of the top four leasing brokers in the market. In late 2005, Jason transferred to the Corporate and Institutional Sales team, specialising in sale and leaseback strategies, land development and large corporate sales.

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Peter Herdson

National Director | Capital Markets

Auckland CBD

In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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Blair Peterken

Director | Capital Markets

Auckland CBD

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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