Tenants sought for top class retail centre
An artist’s impression of The Point retail development planned for 571 Te Atatu Rd. Photo / Supplied
Four tenancies are available to lease in The Point - a new high-end and architecturally designed West Auckland retail development on the Te Atatu Peninsula.
The six-unit retail centre will be built on a prominent corner site next to a Countdown supermarket –Te Atatu Peninsula’s only supermarket – with completion due for mid to late next year.
Two larger tenancies have already been leased off the plans to an off-licence liquor store and a gastro bar/restaurant, says Leroy Wolland, retail national director for Colliers International, who, with colleague Chloe Franklin-Hall, is exclusively leasing the property at 571 Te Atatu Rd.
“The spacious liquor store will be a state-of-the-art, modern wine store designed to provide best in customer experience,” Wolland says.
“The gastro bar will predominantly cater for lunch and dinner. The lessors have secured a ‘best in class operator’ who will work closely with the architects to deliver a premium food and beverage business that is not currently provided for on the peninsula.
“Feedback from locals confirms there is a real need to improve the food and beverage in the immediate area, and this new retail development is a step in the right direction to satisfy that demand,” Wolland says.
Franklin-Hall says four versatile tenancies of between 77sq m to 127 sq m are still available for lease. “This is an excellent opportunity for retailers to establish themselves in a growing residential hub,” she says.
The largest available tenancy is a 127sq m corner unit with exposure to both Te Atatu Rd and Gunner Drive.
The remaining three tenancies have street frontage to Te Atatu Rd, including a 101sq m unit, a 77sq m unit, and the 92sq m cafe.
The cafe and restaurant share male and female amenities, and all six tenancies have access to a secure service and waste disposal area.
Franklin-Hall says The Point will be built on the former Caltex service station site at the corner of Gunner Drive and Te Atatu Road, which is the area’s main arterial route.
“The Point will have plenty of off-street parking directly outside the retail tenancies, and an additional six new parks along Gunner Drive adjacent to the development,” she says.
“Two car parks for the disabled and a pedestrian crossing on Gunner Drive will give excellent accessibility.”
Wolland says The Point’s tenancies will likely appeal to a range of mid to high-end convenience, service and hospitality retailers.
“One of the available tenancies has an outdoor courtyard, making it ideal for a cafe specialising in breakfast, lunch and takeaway coffees,” he says.
“Other tenants could include a quality hairdresser, an artisanal grocer, an organic food and beverage store, or a wholefoods retailer.
“There is a real opportunity here for retailers to corner a niche within a community in the midst of ongoing gentrification.”
He says the property is well positioned to benefit from Te Atatu Peninsula’s demographic boom.
“The Point’s primary catchment population is projected to grow by 30.1 per cent over three decades, from almost 25,000 at the 2013 Census to 32,500 by 2043.
“Much of that growth is being driven by young professionals and families. Residents are younger and wealthier than the national average, giving the area’s strong demographic appeal to retailers.
“The Point’s secondary catchment is also experiencing phenomenal growth, with the population expected to increase by 62.4 per cent to 138,740 by 2043.”
Wolland says the site for lease has been held in long-term family ownership.
“The lessors have invested in the local area for many years, and intend to remain committed to the community for many more.
“The family are looking for quality retailers that will enhance and complement businesses on the peninsula.”
Franklin-Hall says the development has strong demographic appeal.
“An analysis by Colliers International’s Research and Consulting team, based on Statistics New Zealand data, found the average age in the primary catchment was 35, lower than the national average of 38.
“Couples with children comprise 46 per cent of the population, higher than the national average of 41 per cent, while the median household income is $71,483, higher than the national median of $63,800.”
The median house value in the area is $939,450, while the median weekly residential rent is $500.
Franklin-Hall says both local and central government have been investing heavily in Te Atatu Peninsula’s growth.
“Auckland Council recently invested $12 million in the development of a new library and community centre next to the popular town centre playground and park,” she says.
“The growing population has also prompted the Government to invest $3.7 million into the redevelopment of Te Atatu Peninsula Intermediate School, boosting the roll from 290 to a total of 400 available spaces.”
Franklin-Hall says retailers in the area benefit from an active business association which promotes the area’s village atmosphere, coastal location and closeness to Auckland’s CBD.
Te Atatu Peninsula is towards the western edge of the Waitemata Harbour, flanked by Henderson Creek and the Whau River.
“It is connected to the Auckland isthmus by one only road, Te Atatu Rd, giving the area a tight-knit community feel,” Franklin-Hall says.
The suburb is only 15km from Auckland’s CBD and has good access to the rest of Auckland via the Northwestern Motorway (State Highway 16).
The motorway links to the Western Ring Route to the north, and the airport and Southern Motorway (SH1) to the south via the Waterview Tunnel and Southwestern Motorway (SH20).
Leroy Wolland and Chloe Franklin-Hall, Colliers International