Supermarket giant puts Mosgiel property up for sale
THE sale of Countdown Mosgiel will not affect the store’s operation, the supermarket giant says.
Countdown has put the Gordon Rd property on the market less than four years after it opened on the former St Mary’s School site in 2017.
The property is expected to sell well above its capital value of $8.7 million listed on Dunedin City Council rates information.
Countdown is also selling its Stratford supermarket in the
North Island; both properties are on new 10year leases to Woolworths New Zealand Ltd, a subsidiary of General Distributors Ltd, trading as Countdown.
Each lease has 10 rights of renewal of five years each, extending occupation through to 2081.
The supermarket giant was constantly reviewing its store network, which included building new stores and giving current stores a refresh, Countdown acting general manager property Matt Grainger said yesterday.
The sale of the Mosgiel store would enable the chain to reinvest to improve its nationwide network, Mr Grainger said.
‘‘We’re very committed to being part of the local Mosgiel community longterm and the sale of our Mosgiel store will have no impact on the ongoing operation of the store.’’
The 1.2ha property has dual street frontage with Gordon Rd and Church St
It is double the size of the Countdown supermarket it replaced in Factory Rd, Mosgiel.
Woolworths New Zealand had exclusively appointed Colliers International to market the properties for sale by deadline private treaty closing on March 10, Colliers capital markets team director Blair Peterken said.
The Mosgiel property returned more than $950,000 in net annual rent, plus GST, he said.
Colliers Dunedin director Dean Collins said Countdown Mosgiel had benefitted from a rapidly growing catchment.
The town’s population had grown by 16% from 2013 to 2020, to about 14,600.