Stoneridge on Lunn more than half leased a year from completion

Well-established cafe Melba confirmed to anchor the premium dining precinct

Auckland’s newest neighbourhood shopping centre, Stoneridge on Lunn, is already more than half leased a year from completion, with well-established cafe Melba confirmed to anchor the premium dining precinct.

Located on a high-profile corner of Lunn Avenue, the retail development will offer a new level of amenity for the affluent and fast-growing suburb of Stonefields and the surrounding areas of Ellerslie, Meadowbank, Remuera and Glenn Innes.

Colliers International is marketing the remaining nine service and convenience retail tenancies and three food and beverage tenancies, the latter offering extensive outdoor seating for al fresco dining.

Due for completion in April 2020, Stoneridge on Lunn will be anchored by The Warehouse, Warehouse Stationery, Noel Leeming and Bed Bath and Beyond.

The large format retailers will be complemented by a range of shops, services and eateries. Tank, Vivo Hair and Beauty, a high-end bakery and a nail salon have already committed, while discussions are advanced with several other occupiers

Retail Broker Chloe Franklin-Hall says the strong tenant mix is testament to the quality of the property, which is being developed by South Island-based Gibbons.

“We’re particularly thrilled to have secured high-calibre tenant Melba to anchor the dining precinct,” she says.

“Melba is one of Auckland’s best-established cafe operators, with a proven track record since 1995 of great food, exceptional coffee and relaxed dining experiences.

“Melba Stoneridge will remain true to the al fresco dining tradition of the original cafe on Vulcan Lane, with almost 200sq m of seating outside its standalone building.”

Retail Broker Nick Pettitt says the Stoneridge dining precinct will provide a strong point of difference in an area crying out for quality food and beverage options.

“The remaining tenancies are within a standalone building between Melba and the Lunn Ave street frontage, each with outdoor seating.

“The units will be built to high standards with design elements drawn from the latest hospitality trends.”

Pettitt says the building could be split into one, two or three tenancies of between about 138sq m to about 450sq m plus outdoor areas.

“The north-facing tenancy, opposite Melba, will have an extensive outdoor dining area that will provide abundant natural light through much of the day.

“The south-facing tenancy fronts Lunn Ave, providing huge exposure to large volumes of passing traffic.

“We’re looking for high-end, bespoke operators who will make a statement in the area.”

Leroy Wolland, Retail National Director at Colliers International, says the dining precinct will have positive spill-on effects for Stoneridge’s other retailers.

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

Wolland says Stoneridge on Lunn will be a vibrant metropolitan destination that offers something for everyone seven days a week.

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

“Retailers will benefit from an affluent and growing catchment, while the centre’s high-profile location, opposite national retailers New World and PlaceMakers, ensures significant exposure.”

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

Gibbons has partnered with Stiffe Hooker and Naylor Love to deliver Stoneridge on Lunn which will feature premium finishes, a contemporary design and outstanding build quality.

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

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.

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.

Some 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.

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