Glenfield Mall in Auckland has been brought to market by its owners Ross and Dallas Pendergrast of Ladstone Holdings.
The freehold asset spans 30,458sqm and is expected to attract interest from domestic and offshore investors.
The sale is being managed exclusively by JLL’s Nick Willis, Sam Hatcher and Harry Fergusson through an international expression of interest campaign closing on May 21.
“We are witnessing a pronounced acceleration in capital appetite for New Zealand,” said Nick Willis, executive director of retail investments Australia and New Zealand at JLL.
He said that as pricing tightens in Australia and yields compress, capital from Australia, the US and Asia-Pacific is increasingly looking to New Zealand for relative returns.
Following the sale of Manukau Supa Centa, which marked Auckland’s largest retail transaction in more than a decade, JLL expects Glenfield Mall to attract similar interest. Sam Hatcher, head of retail investments Australia and New Zealand at JLL, said opportunities to acquire full ownership of a regional shopping centre in Auckland are limited, with two comparable transactions recorded since 2010. He added that income growth could be supported through rental reversion across the existing tenant base.
Community-based retail asset
Glenfield Mall includes anchor tenants Woolworths, The Warehouse, Farmers and Briscoes, along with four major bank branches. Other retailers include Chemist Warehouse, Cotton On, Toyworld and 2-Dollar Things.
The centre occupies a 4.5ha town centre site approximately 8km north of Auckland CBD, with frontage to Glenfield Road, Downing Street and Bentley Avenue. The trade area serves around 250,000 residents.
More than 75 per cent of specialty income is derived from non-discretionary categories, including grocery, food and beverage, health and services. The asset benefits from its North Shore location and connectivity via the Northern Motorway (SH1) and the Northern Busway extension.
Development potential
“Glenfield Mall is a true town centre icon – originally constructed in 1971 as Auckland’s first enclosed shopping centre on the North Shore, previously owned and redeveloped by Westfield,” said Harry Fergusson, associate director, retail investments New Zealand at JLL.
The site is zoned Town Centre, allowing mixed-use development. JLL analysis indicates potential for up to 180,000sqm of additional gross floor area, subject to council approvals. New Zealand’s investment framework includes no stamp duty, no capital gains tax and no land tax. The centre has introduced more than 40 new tenancies since 2015.
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