Neighbourhood shopping centre Meadowlands Shopping Plaza has been listed for sale and its freehold site of close to two hectares.
The neighbourhood mall in Sommerville, part of the east Auckland suburb of Howick, has a 5215sqm lettable retail area and residential catchment area that includes Botany Downs, Dannemora, Sommerville, Howick, Cockle Bay and Whitford.
It has been anchored by a Countdown store for close to 30 years, which initially opened under the Woolworths brand. The supermarket retailer has seven years remaining on its Meadowlands lease.
The plaza, located on the corner of Whitford Road and Meadowland Drive, was built in the early 1990s and had an extensive refurbishment programme eight years ago.
“The property is generating net annual rental income of $1,314,267 + GST,” according to Cameron Melhuish and James Chan of Bayleys Auckland who are marketing the centre on behalf of Wellington-based vendors. International Expressions of Interest are being sought in the property closing November 14, 2019.
Melhuish said the Meadowland Shopping Plaza bucks the trend of some New Zealand suburban shopping centres in having a strong sense of purpose, long-term tenants and solid patronage.
“The plaza has cemented a proven place in the local market as a convenient and reliable shopping destination with more than 20 businesses within the complex,” he said.
Melhuish said it is not intended to compete with the likes of the nearby Botany Town Centre which is positioned as a retail, lifestyle and leisure offering with civic and community amenities.
“Rather, Meadowlands Shopping Plaza is a service-orientated complex providing the essentials for residents in the catchment area, where parking is plentiful and a number of household service-tasks can be completed in a one shop stop,” he added.
Meadowlands Pharmacy was also a founding tenant within the plaza and with the AA Centre, they help support the convenience retail-service focus of the complex.
The balance of the tenants within the plaza include specialty stores across the food and beverage, beauty and health, gifts and stationery, and service sectors.
The Meadowlands Shopping Plaza, Melhuish said, is successfully leased since January or executed rights of renewal for 12 tenancies within the plaza.
“This clearly demonstrates the popularity of the plaza among its business tenants and reinforces its reputation as a sought-after retail environment with low vacancy.”
