An artist’s impression of the completed Ramada Suites Albany.
Retail spaces are still available to buy or lease in the new Ramada Suites Albany development, which is well on its way to completion.
In total the Ramada, on the corner of Kaipiho Lane and Cornerstone Drive, has 14 retail spaces, many of which have already been sold or leased by JLL.
“They range in size from 51sqm to 164 sqm and each has some outdoor space,” says Chris Beasleigh, JLL’s head of retail.
“. When the development opens early next year, the Ramada Suites Albany will be home to 18 residential and 66 serviced apartments. The apartments in Ramada have all been pre-sold but investors can still take advantage of the retail opportunities,” he says.
“The site is looking good. The roof is on with all of the major construction work completed and fit-out work under way,” Beasleigh says. “We’re really looking forward to seeing all the retailers open for business early next year.”
Ramada is part of the Wyndham Hotel Group which has more than 7190 hotels and 609,600 rooms in 66 countries around the world.
The Ramada Suites Albany is under construction with a planned opening early next year.
Ranesh Parmar, JLL’s retail specialist, says there are still a few spaces left for sale or lease.
“There are also some tenanted investment opportunities including the spaces occupied by Coffee Club and WOW Sushi,” Parmar says.
Beasleigh says strong growth in the Albany area continues to create demand for retail and commercial properties. “The Ramada development will cater to this demand and add to the range of retailers already established in the surrounding areas such as Westfield, Mega Mitre10 and local supermarkets.
“Albany is predicted to be one of the fastest growing areas in Auckland over the next 30 years and has already seen a rapid expansion of its retail and commercial sector. The available retail units present investors and retail operators with the chance to tap into the area’s rapid expansion.”
He says Albany is conveniently located just 15kms from Auckland’s CBD which is easily accessible by motorway and the main arterial routes.
“The Northern Busway station at Albany with its Park & Ride facility is just a short stroll away from the Ramada Suites Albany while North Harbour Stadium and Westfield Albany mall - one of the largest shopping centres in New Zealand with a gross lettable area of 53,059sq m – is nearby.”
Beasleigh says Statistics NZ has projected growth in the residential population in the area of 18,300 in the period between 2013 and 2043. “There has also been a significant increase in the Albany employee count which is currently at 6630 - a 78 percent increase since the 2005 count of 3730.”
Chris Beasleigh and Ranesh Parmar JLL
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