Taco Bell expected to draw more tenants to brand-new retail centres

Taco Bell expected to draw more tenants to brandnew retail centres  hero

New leases at the Taupiri Service Centre and Stoneridge on Lunn secured by Colliers

The enormous popularity of Taco Bell is expected to drive strong tenant interest in two brand-new retail centres where the Mexican-inspired restaurant will open its doors this summer.

Taco Bell has been a retail sensation since launching its first New Zealand store in November last year, attracting huge crowds and lively trade.

The two newly announced stores will be located at the Taupiri Service Centre, off the Waikato Expressway near Hamilton, and Stoneridge on Lunn, in the fast-growing East Auckland suburb of Stonefields.

Both new locations, which were leased by Colliers International, will double Taco Bell’s presence in New Zealand.

Taco Bell Shortland Street restaurant exterior

It is the latest volley in an aggressive expansion strategy by local operator Restaurant Brands, which is planning 60 new Taco Bell stores across Australia and New Zealand in the next five years.

Alan Pracy of Colliers Hamilton, who secured the Taupiri Service Centre lease, says Taco Bell is a big drawcard for the new development.

“This will be the first Taco Bell in New Zealand to offer drive-through service, making the most of its strategic location.

The Taupiri Service Centre is positioned just south of the Waikato Expressway’s new Huntly section, which was completed earlier this year.

“Dedicated on and off-ramps, both north and south onto State Highway 1, put the retail centre within 15 minutes of Hamilton and an hour of Auckland.

“The centre is anchored by a BP service station and a McDonald’s restaurant, both of which opened earlier this year. The addition of Taco Bell further reinforces the strength of this premium retail location.”

Taco Bell Taupiri Service Centre

Colliers International is marketing the Taupiri Service Centre’s remaining retail tenancies for lease. Units of between 80sq m to 350sq m are available, with completion of the new retail block expected in December.

Justin Oliver of Colliers Hamilton says it is a chance for retailers to capitalise on the strategic location and Taco Bell’s immense appeal.

This is an ideal opportunity for convenience retailers such as a cafe, bakery, sushi shop, or local produce grocer.”

Oliver says the Waikato Expressway, which is due for completion this year, will be a game-changer for the ‘Golden Triangle’ centres of Auckland, Hamilton and Tauranga.

“The completed expressway will be the region’s key transport corridor, shaving travel times between Auckland and the agricultural and business centres of Waikato and Bay of Plenty.

“It will also allow traffic to bypass Hamilton’s CBD and suburbs, making the Taupiri Service Centre a strategic convenience stop for traffic diverted from the urban centre.”

Taco Bell’s second newly announced store is also well located in a growth area.

Stoneridge on Lunn is a brand-new retail development on the high-profile corner of Lunn Avenue and Ngahue Drive in Stonefields, East Auckland.

Taco Bell Stoneridge on Lunn

Completed earlier this year, it services a growing and affluent catchment that includes Ellerslie, Meadowbank, Remuera, Mt Wellington, Panmure and Glen Innes.

The centre is anchored by The Warehouse, Warehouse Stationery, Noel Leeming and Bed Bath and Beyond. These large format retailers are complemented by a range of shops, services and eateries.

Leroy Wolland, National Director of Retail at Colliers International, says Taco Bell is a perfect fit for Stoneridge on Lunn’s premium dining precinct.

“Taco Bell may be new entrant to New Zealand’s retail scene, but it is already a full-blown phenomenon. Its restaurants at Brickworks in New Lynn and Shortland Street in Auckland’s CBD have been immensely popular, drawing diners from far and wide.

“Taco Bell’s decision to open a third Auckland store at Stoneridge on Lunn highlights both the quality of the development and the desirability of the location.

“Proving to be a brand beyond the typical quick-service restaurant, customers of Taco Bell Stoneridge on Lunn can expect to see free wi-fi, customisable music, refillable soft drinks and a range of beer and delicious frozen margaritas for adult guests.

“Local fans will also have delivery offered to neighbouring suburbs for those that want the convenience of hot tacos and burritos delivered directly to their door.”

Taco Bell Stoneridge on Lunn site of new restaurant under construction

Stoneridge on Lunn is the first North Island property to be developed by Gibbons – a Nelson-based family-run property company which has delivered numerous large-format retail centres in the South Island.

CEO Scott Gibbons says the addition of Taco Bell to the portfolio will create some real excitement in the area.

“We are absolutely delighted to welcome Taco Bell to Stoneridge on Lunn. The latest addition to our family of tenants nicely complements the mix of other existing tenancies,” he says.

Colliers International is marketing the remaining retail space at Stoneridge, which is managed by Colliers’ award-winning Real Estate Management team.

Retail Broker Nick Pettitt says the tenancies will appeal to a wide variety of convenience retailers.

“Stoneridge on Lunn is a vibrant metropolitan destination that offers something for everyone, seven days a week.

“It fronts an extensive on-site car park with 386 spaces, providing tenants with excellent exposure to Lunn Ave, Ngahue Drive or both.

“Excellent access is offered via a traffic light-controlled intersection from Lunn Ave. The centre also benefits from pedestrian access directly from the Stonefields walkway.

“The superb combination of convenience, high exposure and a growing customer base makes Stoneridge a winning destination for retailers.”


Related Experts

Alan Pracy

Director

Hamilton (Agency)

Prior to his move to Colliers International, Alan spent 10 years as a broker with Knight Frank and DTZ, culminating in his position as Commercial Manager at DTZ Hamilton. Alan has been involved in retail acquisition and leasing for Briscoes Group, Supercheap Autos, Foodstuffs, No. 1 Shoes, McDonalds, Fonterra, Big Save Furniture, Bunnings and Mitre 10. Much of Alan’s focus has been around both strategic properties and clients. This has encompassed long term development projects, sourcing the land and obtaining anchor tenant commitments. Alan has also worked closely with a number of institutions and high wealth individuals to effectively and confidentially place or acquire significant property assets.

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Leroy Wolland

National Director | Retail Leasing

Auckland CBD

Leroy focuses on national retailers in the large format retail sector. He matches his clients’ new requirements with appropriate opportunities and helps in rationalising any sites surplus to their needs.

He takes a strategic role in advising private and institutional developers and landlords on project leasing options. He also actively helps Australian retailers identify strategic opportunities to launch their brands in the New Zealand market.

Leroy is committed to delivering results to his clients.

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Justin Oliver

Broker

Hamilton (Agency)

Since joining Colliers International Justin has concluded in excess of $150,000,000 of successful transactions on behalf of landlords, tenants, vendors and developers across local, national and international markets.

Such transactions involving: Westpac Bank, Noel Leeming Group, House of Travel, Kmart, IHC Corporation, The Warehouse Group, APN Media,, Fletcher Building, Ministry of Education, Public Trust, BNZ Bank, Stark Property, Prime Property Group, Wallace Development Company and Tainui Group Holdings.

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Nick Pettitt

Broker | Retail Leasing

Auckland CBD

Nick joined Colliers International in 2018 having spent 15 years in the retail and manufacturing sectors both in New Zealand and internationally.

Previously a sales and marketing professional for several market-leading brands, Nick is now part of the Retail Team focussing on leasing predominantly in the service, convenience and food and beverage sectors in Auckland as well as across New Zealand.

Nick has a strong background in customer experience and innovative digital strategy and has a particular interest in digital integration in retail environments.

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