• Purchased 2012
• IRR 30% +
76 Quay Street was purchased in 2012. In addition to the excellent return this building has under-gone significant rebranding and refurbishment in conjunction with a new long term Lease commitment from Countdown to the CBD of Auckland.
With one of the wealthiest catchments in the country, a booming CBD population and lack of alternative Supermarkets, Countdown Quay Park is one of the strongest trading supermarkets in the country. Occupying a premium location in the core of the city, with limited competition from other supermarkets. The redevelopment of the Britomart has revitalised the immediate area.
The building comprises a modern purpose designed supermarket building of 4,394m2 and 190 basement car parking bays located beneath the Countdown and directly opposite the Scene 3 Apartment Block. There is a potential development expansion to this site. The supermarket has the ability, subject to Council consent, to expand out approximately 455m2. In addition to this, the laneway lends itself to an exciting activation by a mix of food speciality uses.
In the long term there is also the opportunity to add additional levels on the building. Situated on the north eastern end of the Auckland CBD, the site commands a prominent corner position and gateway to the CBD from the wealthy eastern suburbs. With one of the wealthiest catchments in the country, a booming CBD population and lack of alternative Supermarkets, Countdown Quay Park is strategically placed to enjoy continued retail demand. The immediate area has undergone a massive urban transformation with the development of a new indoor Stadium, Corporate offices for GE and the Bank of New Zealand together with several high density apartment developments.
- Renegotiated lease with anchor tenant for new 15 year lease
- Laneway activation and expansion with the introduction of further GLA