‘Ultimate landlord-friendly’ property

The store leased to Nick Scali Furniture at 54 Mt Wellington Highway.

supermarket chain, has purchased the 2.3ha former Moyes Panmure Holden dealership site just up the road from the Nick Scali premises.

“So, that’s two big supermarkets in operation either side of the Harvey Norman Centre. With interest rates where they are, this property investment is as secure as it gets.”

An indication of the strength of the tenant covenant was a statement by Nick Scali Furniture’s managing director Anthony Scali announcing the company’s record half-year net profit in February 2018.

Scali said the new Auckland store had been the best performing new store in January in respect to sales orders. “Positive feedback from consumers is encouraging and suggests, as expected, the Nick Scali brand will fill a void in the New Zealand furniture industry segment,” he said.

The Mt Wellington Highway store was one of six opened in the second half of 2017, along with five stores in Australia — three of those in Queensland.

More Nick Scali stores are expected to open in Auckland, Waikato, Bay of Plenty and Wellington in 2018.

Founded more than 50 years ago, Nick Scali Furniture is one of Australia’s biggest retailers and importers of quality furniture.

Every year, according to the Nick Scali website, the company imports more than 5000 containers of leather and fabric lounges as well as dining room and occasional furniture.

Nick Scali Furniture was one of several big-name brands to launch in New Zealand in 2017.

Others include H&M, Zara, Tiffany & Co and Australian retailer Chemist Warehouse.