Countdown Orewa offers premier beachside investment
Countdown Orewa has been placed on the market for sale, presenting buyers with the chance to purchase a high-quality asset with a strong tenant covenant.
Located in a prominent position at 3 Moenui Ave in Orewa, the property offers 4089m2 of total net lettable area and 145 car parks on a 9380m2 site that is spread across nine freehold titles and is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
Extensively refurbished in 2014, the property has a 100% seismic rating and more than 200m of road frontage.
Countdown’s current 10-year lease began in April 2021 and there are 10 further rights of renewal for five years each leading to a final expiry of April 2081. The net passing income from the property is $1.24m plus GST per annum.
The property services Orewa, as well as coastal towns further north, including Waiwera and Hatfields Beach, and secondary catchments such as Silverdale, Red Beach, and the lower parts of the Whangaparaoa Peninsula.
The Business – Town Centre Zone applies to suburban centres throughout Auckland, the satellite centres of Warkworth and Pukekohe, and the rural towns of Helensville and Wellsford and permits a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services.
Shoneet Chand, director of investment sales at Colliers, said this blue-chip property provided a strong tenant covenant.
‘‘This property serves as the ultimate passive investment for prospective purchasers who will have the opportunity to secure an asset with an ASX-listed tenant that is a household name in New Zealand,’’ he said.
General Distributors, trading as Countdown, is part of Woolworths New Zealand, a subsidiary of the Woolworths Group.
‘‘Supermarkets are keenly sought amongst buyers given they offer a range of key investment fundamentals such as an established tenant with a long-term lease on a high-profile site,’’ Chand said.
‘‘They also have the ability to trade through a wide array of conditions and proved incredibly resilient throughout the Covid-19 pandemic as they adapted quickly to the changing retail environment.’’
Matt Prentice, director of sales and leasing at Colliers, said the property benefitted from an outstanding location in Orewa, only moments from the beach.
‘‘Surrounding properties are composed of some low-rise strip retailing and convenience retail blocks, with significant residential areas situated to the north, south, and west,’’ Prentice said.
‘‘Investment from the council to upgrade the main road and widen the footpaths has reconnected the town centre to the beach and has proven to be a catalyst in growing the hospitality sector in Orewa.’’