Only one unit is still available for lease in a homeware-focused large format retail centre being constructed in Te Rapa, Hamilton.
The centre, at 16 The Boulevard, is due for completion in February 2016. Leasing agents Leroy Wolland and Alan Pracy of Colliers International have already signed up Hunter Furniture, La Z Boy Furniture Gallery and a third yet-to-be-announced furniture retailer; and are now offering the sole remaining tenancy for lease.
The 761sq m space is positioned at the front of the development and offers the highest profile of all the tenancies in the building, says Wolland.
"This is an excellent opportunity for a homeware retailer to gain an excellent visual profile in this new retail centre. Signage is available on three sides of the building, including a signage panel fronting busy Te Rapa Rd."
He says the space is ideally suited to home-focused retailers who will complement the other three tenants and the occupiers in the surrounding area.
"We are looking to accommodate home, trade, design, furniture or appliance retailers who may not already have a presence in Te Rapa but are keen to capitalise on the benefits of being located in this busy precinct alongside other complementary retailers."
This part of Te Rapa has developed into a well known home, DIY, furniture and appliance hub in recent years, says Pracy.
"This area is now a recognised homeware precinct, which offers retailers the benefits associated with being located alongside other similar occupiers. The success of similar precincts all around the country demonstrates these benefits, which include the ability to capture a greater number of potential customers. Shoppers treat these precincts as ‘destinations’, where they are able to access a full range of products and compare prices in one convenient visit."
The new development is being constructed on a 6000sq m site with 70 off-street car parks. The 3200sq m building is split into various-sized tenancies which all face the car park.
Hunter Furniture and La Z Boy Furniture Gallery are both well known brands with a nationwide presence in New Zealand, says Wolland.
"Hunter Furniture has become one of New Zealand’s most well-respected furniture chains and operates eight stores around New Zealand. La Z Boy is a longstanding international brand with ‘Furniture Gallery’ stores in the country. This new store will be the only standalone dedicated La Z Boy Gallery in the Waikato region."
The retail centre is positioned next to a full-offer Harvey Norman store, with the new building orientated to face the Harvey Norman car park. Other neighbouring retailers include Placemakers, Big Save Furniture, PK Furniture, Danske Mobler, Bedpost, Beds R Us, Early Settler, Supercheap Auto and Kitchen Things.
Pracy says the retailers in the new development are also likely to receive "spin-off" patronage from the centre’s proximity to The Base, the Waikato’s ‘super regional’ shopping centre. A Mitre 10 Mega store is also in the immediate vicinity.
The development occupies a dual frontage site, providing visual profile to both Te Rapa Rd and The Boulevard. The site is located at the heart of the Te Rapa commercial and retail district, says Pracy.
"Te Rapa is the fastest-growing commercial location in the Waikato, anchored by The Base, which is the largest shopping centre in the country. The area is also home to a recently-opened Countdown supermarket and and a new-format Kmart store. A large number of national retail chains are also present in Te Rapa – making the area a true regional destination for shopping."
There is very strong demand in the Te Rapa commercial market, Pracy says. "Retailers in Te Rapa serve a large catchment in the north of Hamilton and throughout the surrounding rural area. The Base alone attracts 7.5 million customers every year."
Planning work continues on the longer-term vision of turning The Base into a ‘town centre’. This is tipped to include a business park with office space, a comprehensive healthcare facility, hotel accommodation and public amenities covering an area of around 10 hectares.