One of Takapuna’s trophy retail properties, known as the Department Store, which is occupied by a number of high-end fashion retailers such as Karen Walker and Topshop, is up for sale.

Located on a 587 sqm site at 10 Northcroft St, Takapuna, the 1,285 sqm building is being marketed by Simon Aldridge and Michael Nees of Bayleys North Shore Commercial and Shoneet Chand and Jimmy O’Brien of Colliers International. The property is for sale by deadline private treaty closing at 1600 on December 3, unless sold prior.

It is producing net annual rental income of $408,882 from seven head leases running from late 2009 and early 2010, all but one of which have 10-year terms plus 10-year rights of renewal.

The Department Store was established in 2009 to provide a point of difference in a retail market “overwhelmed by generic products and bland shopping experiences” by fashion retailers Karen Walker and Black Box’s Dan Gosling along with Stephen Marr, who has a hair salon and beauty therapy business in the building.

Aldridge says The Department Store featured at the top of a list of the world’s 25 best retailers in an annual retail and service survey by global trends magazine Monocle on inspiring new locations and new methods of retailing. Monocle also filmed The Department Store for its online retail awards section, along with four other global locations.

“The vision of the founders of The Department store has been to create a unique retail environment where shoppers can experience the very best from the worlds of design, fashion and beauty encompassing top local and global brands,” says Aldridge. “The store has enjoyed a high occupancy rate since its launch, with a number of quality branded tenants keen to secure space in the building.”

The ground floor has a small cafe, the Coffee General tearooms, located on its street frontage which leads through into a variety of fashion clothing and accessories outlets. One of Karen Walker’s five New Zealand premises is located here and includes eyewear, jewellery, shoes, bags and fragrances. The internationally renowned fashion designer has featured for the last three years in The Business of Fashion’s list of 500 people who have shaped the global fashion industry.

Other ground floor clothing retailers include Black Box, which showcases a number of local fashion brand such as Stolen Girlfriends Club and Georgia Alice, as well as international brands and Nature Baby, a NZ-based baby and children’s wear brand selling organic cotton and merino babywear and bedding essentials, as well as soaps, skincare and toys. Located at the rear of the ground floor is the men’s department, featuring the Topman range of clothing as well as other brands.

The top two floors are reached by a spiral staircase with the middle floor containing businesses associated with Stephen Marr, including Lucy and the Powder Room which offer a range of specialist skin treatments, manicures and pedicures.

Stephen Marr, a well-known hair stylist used by NZ fashion designers, directors and photographers, also has a hair salon on the top floor, one of three in Auckland. Located on this level as well is a Topshop outlet which offers a handpicked selection of the latest women’s wear, including makeup.

The balance of the upper floor comprises a range of smaller, boutique clothing brands including Blak, Kowtow, Neuw Denim, Rolla’s, Ruby and Liam and Tiger Lily.

The three level building was originally constructed in the 1960s and was modernised for its transformation into the Department Store. As part of its refurbishment, extensive glazing was incorporated into the eastern and northern sides of the building to increase the amount of natural light and improve its visual appearance and a steel mesh façade was added to the front to differentiate it from other more standard commercial buildings in the Takapuna market.

Aldridge says the store’s interior design was created by acclaimed NZ designer Katie Lockhart. “The store’s layout and distinctive décor is different from the norm in the NZ retailing scene, which has increased its appeal to both shoppers and retailers.”

Shoneet Chand says the building has been well constructed with reinforced concrete foundations and a concrete column and beam frame, supplemented by additional steel framing to areas where windows have been installed as part of the modernisation. There is a reinforced concrete slab floor at ground level with upper floors of polished Stratlin concrete floors and the walls are predominantly concrete block.

“The vendors have modernised the building with the future in mind with an open plan configuration and lots of light,” says Chand. “This provides flexibility for whatever future market trends might unfold with options for residential and office use as well as retail.”

The property is currently zoned business three but has a metropolitan centre zoning under the Proposed Auckland Unitary Plan which applies to 10 major metropolitan centres and allows for more intensive commercial and residential development, including high-rise buildings.

Chand says The Department Store is strategically positioned at the Lake Rd end of Northcroft St and also has frontage onto a service laneway which runs parallel with Lake Rd and links with Byron St. “It is close to central Takapuna’s busiest intersection, where Northcroft St and Lake Rd connect with The Strand and Hurstmere Rd. It is also near The Sentinel apartment tower, Shore City shopping centre, and many other established retail and office complexes, drawing increasing customer numbers and workers into the area.”