Repco’s Westgate building needs new driver
This building to be sold by auction us leased to Repco at 1 Cabernet Crescent, Westgate.
A prominent Westgate Town Centre property leased to automotive retailer Repco for the past 15 years offers a number of development options to its purchaser.
The freehold 1242 sq m retail site at 1 Cabernet Crescent, Westgate in Auckland is for sale by auction to be held at 11 am on Wednesday March 25, at Colliers International’s 151 Queen Street offices, unless it sells beforehand by negotiation.
Charlie Oscroft of Colliers International who, with colleague Will Dromgool, is marketing the property says Repco has two years remaining on the lease.
“The strong, versatile qualities of this single level, stand alone, building make it an ideal, multi-purpose facility for potential owner occupiers in what is an incredibly fast developing area,” Oscroft says.
“The building’s footprint, box and tilt-slab construction would allow potential reconfiguration into smaller floor plates that could accommodate several businesses and income streams.”
The modern premise with a 641 sq m net lettable area comprises a mix of showroom and warehousing. A large roller door provides easy access to the warehouse area.
Oscroft says the low maintenance building is on a high profile, corner location and comes with 14 car parks.
“It is a particularly prominent, slightly elevated site within the very well established Westgate Town Centre.
Dromgool says there is also the possibility Repco or a new tenant could continue to make the property an appealing investment property.
Repco is Australasia’s largest reseller and supplier in the automotive parts aftermarket with 80 stores in New Zealand alone. It has sales in excess of $900 million, employing more than 4000 staff across New Zealand and Australia.
“We anticipate it would be very easily tenanted based on existing demand for the area,” Dromgool says.
An adjacent site is currently being redeveloped into a strip retail complex that will include a childcare facility, a fitness centre and two retail units.
“Westgate is about 18 km from the Auckland CBDand is a popular retail destination adjoining a north western motorway on and off ramp,” Dromgool says. “It has an immediate connection to North Harbour and Albany via the developing western ring route on State Highway 18.
“The surrounding commercial activity is mostly large format retail and light industrial which borders a major concentration of residential homes within the growing Massey North area.
“The area is well serviced by public transport and is considered a thriving retail destination that is likely to benefit from increased activity with the expansion of the nearby Westgate Retail Park (WRP) which is one of the largest master-planned urbanisation projects currently underway in New Zealand,” Dromgool says.
“Once completed this development will become a key metropolitan urban centre for the Auckland region offering shopping, entertainment, business and public amenities spread over 56 hectares.
“WRP is projected to generate several thousand jobs, and become the major commercial hub of northwest Auckland.”
Dromgool says the Westgate Town Centre catchment area is characterised by families typically earning higher per capita and household incomes than national averages, says Dromgool.
“This demographic is recognised by a wide variety of retailers who have already chosen to set up shop at Westgate.
“Major residential developments are underway nearby, most notably Hobsonville Point, where new housing is being fast-tracked to meet the needs of Auckland’s growing population.”
Charlie Oscroft of Colliers.