Farmers to open in new Silverdale Mall
A new multi- level shopping centre in fast- growing Silverdale, anchored by a Farmers department store, i s expected to attract strong interest from retailers.
Retail units and floor space at the new Silverdale Mall, which is due to open towards the end of 2017, are being marketed by Colliers International retail national director Leroy Wolland and shopping centre management national director Richard James.
The enclosed centre is under construction at Millwater Parkway — a major feeder road to the main retail precincts of Silverdale, Orewa, and the Whangaparaoa Peninsula.
“Silverdale Mall will be home to a 6,000sq m t wo level, full offer Farmers department store, with an additional 3000sq m for about 30 speciality stores catering for fashion, food and beverage, homeware and personal service type retailers,” says Wolland.
The mall will also be home to The Farmers Trading Company’s sister brands including Whitcoulls, Pascoes, Stewart Dawsons and Stevens.
Wolland says these well- known retail brands in conjunction with Farmers will contribute to the overall success of Silverdale Mall.
“We will be targeting a retail mix focusing on best- in- class fashion, homewares, service and food that will complete the overall shopping experience for the wider community.”
James says the new development will solidify the precinct as the main retail hub for the wider area.
“We will be tapping into the retail demand that exists for the area due to the significant residential growth that has been seen over the last five- plus years.
“The Silverdale area has outperformed many other areas in terms of commercial growth and the residential activity has been immense.
“The quality of the catchment is enviable — underpinning the confidence we have, and reflecting the levels of unsolicited leasing interest we’ve already received.
James says the vision for Silverdale Mall captures the best in architectural design and ambience elements, and importantly, convenient parking.
“Construction began on the development last year, and its three street frontages have been designed to allow multiple points of vehicle and pedestrian access.
“The centre’s main entrance will be from Polarity Lane, which faces the existing Silverdale Centre, and it will accommodate 415 undercover car parks over three lower levels.
“Comprehensive vertical transportation will give customers easy access between the retail and car park levels.”
Several new major retailers have recently opened in the area including Pak’n Save and Bunnings.
The neighbouring Silverdale Centre is an outdoor shopping centre home to The Warehouse, Countdown, Noel Leeming, Supercheap Auto, Warehouse newly completed Bunnings Warehouse at 272- 302 Great North Road, Grey Lynn, is on the market. Encircled by some of the country’s wealthiest suburbs, the 7207sq m site i s one of the biggest private landholdings in Auckland’s city fringe. Bunnings will take a new 12- year lease with eight six- year rights of renewal when a sale is settled.
Only 2km from the Auckland CBD and sitting on Great North Rd, the property is one of the highest profile locations in Auckland’s inner- city suburbs.
Whillans Realty Group, which is marketing the property by international tender closing on May 25, says the Bunnings Warehouse store has strong income characteristics, while also providing substantial underlying land value with flexible zoning.
Group managing director Bruce Whillans, who is selling the property with colleague Henry Thompson, says investment opportunities of this calibre are highly sought after and seldom become available in New Zealand. Backed by a quality tenant such as Bunnings it is expected to attract significant buyer interest both Stationery, ANZ and multiple other national brands. It was leased by Colliers International in 2012.
Wolland says these national retailers — many of them leaders in their category — understand the importance of having a presence in this key demographic.
“The development’s catchment area — the former Rodney District — has experienced significant residential growth recently, making it one of the fastest growing catchments in the country.
“Silverdale is earmarked as the future commercial heart of the Hibiscus Coast, catering to a large forecast population growth.
“The primary catchment population is expected to grow even faster, with projections of 57 per cent growth between 2011 and 2031, when there are expected to be 140,000 people in the former Rodney area — a growth rate faster than the adjacent North Shore and the overall Auckland regions.”
James says retail spending will also nationally and internationally.
Whillans says Bunnings developed the site and the store is due to open in May.
“They chose this site because of its prominent corner position and frontage to Great North Road, which is a major arterial route connecting Auckland’s inner west suburbs with the CBD.”
“Bunnings investments always generate significant interest for a number of reasons.
“The net lease structure and fixed rental increases are favourable; along with the strength of the fundamental real estate given the strategic site selection from Bunnings,” says Whillans.
The new centre has been grow with the population.
“Annual household expenditure is forecast to grow from $ 876n in 2011 to $ 1.2b by 2031 — representing more than 37 per cent growth.”
The Millwater housing development, now well underway just to the northeast of the Silverdale Mall, comprises about 3000 sections that will house over 10,000 residents. constructed using a steel portal frame, precast concrete walls and reinforced concrete floors to provide a building area of about 8872sq m, including main retail, nursery and a large area dedicated to trade customers.
There are two levels of car parking with 212 bays connected by two sets of travellators and lifts to the main retail and trade areas.
Holding three road frontages with about 120m to Great North Rd, 62m to King St and 94 metres to Dean St, the property has a commanding position and a high profile in Grey Lynn, one of Auckland’s wealthiest inner- city suburbs with a rapidly growing catchment. The surrounding suburbs are undergoing substantial development Associated local development includes schools, medical centres and recreational facilities.
“The Millwater development, along with the expected population increases in the wider area, means the future for retailers here looks sound.
“The centre i s ideally placed to meet the demands of a rapidly ex- and intensification because of the city’s strong population growth. Demand for proximity to the CBD by both homeowners and businesses is pushing land values higher.
Auckland Transport surveys show more than 20,000 cars pass the property every day.
Five of Auckland’s 10 most affluent residential suburbs are within a 3km radius of Bunnings Grey Lynn.
Over the past two years, about 300 apartments have been built within a 1km radius of the property, with a further 500 units under construction.
Within 600 metres, a new Countdown supermarket has opened at Vinegar Lane in Ponsonby within a substantial mixed- use development and, even closer, a new purpose- built Aston Martin and Bentley showroom is due to open.
“Investors can take comfort in the proven performance of Auckland’s land market and the underlying security this provides,” says Whillans.
Last year the home improvement and outdoor living retailer had revenue of over NZ$ 11.5 billion across Australia and New Zealand. Total sales growth was up 10.9 per cent and return on capital was at 36.6 per cent. panding population,” says James.
“Recent considerable government expenditure on roading and infrastructure has effectively brought the Hibiscus Coast to within a 30- minute drive of the Auckland CBD.
“The northern motorway is close by, as are the lifestyle and beaches of Orewa and the Whangaparaoa Peninsula.”