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.
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.
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.
“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.
“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.