New leasing opportunities at Stoneridge on Lunn

Premium retail tenancies for lease at new Auckland shopping centre

A range of premium tenancies in Auckland’s latest neighbourhood shopping centre, Stoneridge on Lunn, are available to lease off the plans.

Located on a high-profile corner site on Lunn Avenue, in the fast-growing suburb of Stonefields, the development will offer up to 23 retail, commercial services and food and beverage tenancies of between 80sq m to 609sq m.

Stoneridge will be anchored by The Warehouse, Warehouse Stationery and Noel Leeming, and will include a high-end dining precinct with a bespoke cafe and bistro among its premium food and beverage offerings.

Developer Gibbons has exclusively appointed Colliers International’s Retail team to market tenancies for lease off the plans. The centre is due for completion in April 2020.

Colliers International Retail National Director Leroy Wolland says it is an outstanding opportunity for both bespoke and nationwide retailers to establish a presence in a booming residential area.

“Stoneridge on Lunn will be a vibrant metropolitan destination that offers something for everyone seven days a week, over extended hours,” he says.

“It is superbly positioned between the established suburbs of Remuera and Mount Wellington, and directly adjacent to the fast-growing Stonefields residential development.

“Retailers will benefit from the strong demographic appeal of an affluent and growing catchment, while the centre’s high-profile location ensures they will gain from significant exposure.

“With its strategic growth location, well-known anchor tenants, and high-quality build by an established developer, there’s little doubt that Stoneridge on Lunn will have the widest possible appeal to the local community.”

Nelson-based Gibbons is a family-run property company with extensive experience in developing large-format retail centres in the South Island.

Founded by the late Bill Gibbons in 1950, the company has built a diversified property portfolio that spans the industrial, commercial and bulk retail sectors.

Its development track record includes new builds for national retailers The Warehouse, K-Mart, New World, Countdown, Placemakers and Bidfood.

CEO and Managing Director Scott Gibbons says Stoneridge on Lunn is an exciting opportunity to diversify the company’s portfolio into the Auckland market.

“Over successive decades and generations, we have proudly established a reputation for delivering well-designed, solidly built developments with an emphasis on quality.

“Stoneridge on Lunn will be no exception, with premium finishes, a contemporary design and outstanding build quality.”

Gibbons says the company’s values, beliefs and operating practices have been shaped by a heritage of constructive, enduring relationships with tenants, customers and communities, with a drive to give back.  

“As an established business with a premium diversified property portfolio, we have a long-term investment focus built upon our family values.

“We’re looking forward to bringing Stoneridge to the market and welcoming new tenants to our extended family.”

Wolland says Lunn Ave has undergone tremendous growth in recent years, and is now firmly established as a convenience retail destination for the surrounding suburbs.

A demographic analysis shows the site is ideally located on the edge of one of Auckland’s most affluent areas.

The median household income in the primary trade area is $89,840 – well above Auckland’s overall median household income of $76,500.

The secondary trade area is even more affluent, with a median household income of $96,620.

Wolland says 2,000 residents live within 10 minutes’ walk of Stoneridge. The wider trade area is even more populous, with 36,000 residents within a 2km radius and 131,000 within a 4km radius.

The catchment is growing fast, with the primary trade area population projected to increase by 26 per cent by 2028.

Stoneridge on Lunn is to be located on the corner of Lunn Ave and Ngahue Drive, opposite national retailers New World and PlaceMakers.

The 10,400sq m development will comprise 7,758sq m of large format retail and 2,642sq m of commercial service, food and beverage and retail units.

The units will all front an extensive on-site car park with 421 parking spaces, providing tenants with excellent exposure to Lunn Ave, Ngahue Drive or both.

Convenient access to the car park will be offered via a traffic light-controlled intersection from Lunn Ave. The centre will also benefit from pedestrian access directly from the Stonefields walkway.

“Along with a proposed new bus stop on Lunn Ave, this is a major benefit to the centre, allowing both pedestrian and vehicle traffic to enter and exit the centre with ease,” says Wolland.

Lunn Ave is a very busy road with an average traffic count of 22,000 movements per day, while Ngahue Drive sees some 26,000 vehicle movements a day.

Colliers International Retail Broker Chloe Franklin-Hall says the convenience and service retail units, located between The Warehouse entrance and the dining precinct, would suit both local and national businesses.

“We’re looking for a good mix of service uses including banks, travel operators, hairdressers, medical centres, optometrists and physiotherapists.”

Franklin-Hall says the food and beverage precinct, to the southeast of the site, will be a strong point of difference for the centre.

“Stoneridge’s dining precinct will drive foot traffic, increase dwell times, and extend the centre’s hours of operation, from morning coffees through to relaxed evening meals.

“The precinct itself will be built to a very high standard, with design elements drawn from the latest hospitality trends, including plenty of outdoor seating overlooking Stonefields.

“We’re looking for high-end, bespoke operators who will ensure the centre complements the existing food and beverage offering along Lunn Ave, which is predominantly made up of franchises.

“A bespoke cafe and bistro will anchor the precinct, and we’re looking for top-quality grab-and-go offerings to complement this.

“Operators could include a bespoke Mexican eatery, pizzeria or gourmet burger restaurant.”

Warehouse Group Property General Manager Fiona Shilton says the company is excited to anchor the new development.

“The Warehouse’s property strategy in Auckland is very much aligned to the city’s growth. We’ve long seen the central-eastern suburbs as a key part of that strategy, which is why we acquired the Lunn Ave site more than a decade ago.

“We’re pleased to have partnered with Gibbons and Colliers International to bring this premium new offering to the market and are looking forward to delivering a great retail experience to the community.” 

Wolland says there is already strong tenant demand for units in Stoneridge on Lunn.

“Colliers International is already in advanced tenancy discussions with several national brands, so we’re encouraging top operators to get in early to ensure your business doesn’t miss out.”

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