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Investors check out landmark The Warehouse premises for sale

The high-profile large format retail premises, that for nearly 30 years has housed The Warehouse, is up for sale.

Located on a prominent more than 5,500-square-metre corner site, the property is an integral part of the popular Clendon Shopping Centre in Clendon Park, Auckland.

The Warehouse has been in occupation since the high-stud, bulk retail premises was built in the mid-1990s. The well-presented building underwent extensive upgrades and refurbishment around eight years ago.

The big-brand tenant is part of The Warehouse Group (TWG), one of New Zealand’s largest retailing businesses, with some $3 billion in sales and more than 12,000 employees. TWG has 260-plus retail stores, online stores, and distribution centres throughout New Zealand, as well as sourcing offices in China and India. Rights of renewal, if taken up, extend The Warehouse’s lease to 2041.

A further lease of the onsite telecommunications tower to 2degrees, means that the fully tenanted property generates a total annual rental of approximately $603,349 plus outgoings and GST. With the property appearing to be significantly under rented, this suggests future upside for the purchaser.

The freehold land and buildings at 469 Roscommon Road, Clendon Park, Auckland, are now being marketed for sale by Cameron Melhuish, Mike Houlker and Tony Chaudhary of Bayleys Real Estate.

Sale is by way of a tender closing on Thursday 20 June, unless the property is sold earlier.

Melhuish said the approximately 3,399-square-metre bulk retail building sat on some 5,547 square metres of land, zoned Business – Local Centre under Auckland’s unitary plan.

“The main retail area spans more than 3,000 square metres with a stud height of 6.8 to 8.8 metres. It is constructed with tilt slab and long-run steel perimeter walls, concrete flooring, and an exposed ceiling with translucent panels providing good natural light in addition to the suspended lighting inside.

“A more than 200-square-metre back-of-house warehouse area at the rear of the building provides roller door loading bay access. These areas are supplemented with nearly 140 square metres of office and amenities,” Melhuish said.

Houlker said the property benefitted from significant frontage to main arterial Roscommon Road and the Weymouth Road roundabout, ensuring excellent exposure to high volumes of traffic.

“Car parking for around 32 vehicles is available on site and the property also benefits from shared parking in the shopping centre’s common car parks, providing significant car parking.

“Major tenants in the centre and surrounding area are complementary to The Warehouse. These include a Pak'nSave supermarket, McDonald’s restaurant, Mobil service station, NZ Post, Pizza Hut, a medical centre and various specialty stores,” said Houlker.

Chaudhary said Clendon Shopping Centre was centrally located to service major residential catchments spanning Clendon Park and surrounding suburbs.

“The centre is positioned at a major roundabout that links Roscommon Road and Weymouth Road, two key arterials linking Wiri to the north and Manurewa to the east. Clendon Park is also flanked by the popular coastal residential suburbs of Weymouth and Wattle Downs to the south.

“The property for sale is within walking distance of major public transport networks including bus and train, around six kilometres from the Southern Motorway, and 10 kilometres from the Manukau commercial area,” Chaudhary said.

Click here for more information on the listing.

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