Countdown Ōrewa is being presented to the market for sale and offers buyers of all kinds the opportunity to acquire a top-tier property in one of New Zealand’s most desirable asset classes.
Sitting prominently at 3 Moenui Avenue in Ōrewa, the highly visible building has 4,089sq m of total net lettable area and 145 car parks on a 9,380sq m site that is spread across nine freehold titles and is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
Boasting more than 200m of road frontage, the property was extensively refurbished in 2014 and has a 100 per cent seismic rating.
Countdown began a 10-year lease in April 2021 and there are 10 further rights of renewal for five years each, leading to a final expiry of April 2081, making this the ultimate passive investment. The net passing income from the property is $1,241,393 plus GST per annum.
Start your property search
Ōrewa, which had an estimated population of 11,970 last year according to Stats NZ, is only 25 minutes from Takapuna, five minutes from State Highway 1, and 30 minutes from Auckland’s CBD. The area has enjoyed steady population growth during the past 15 years.
This Countdown is one of only two major supermarkets in Ōrewa and services the local catchment 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 Whangaparāoa Peninsula.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 2 August, unless sold prior.
General Distributors Limited, trading as Countdown, is part of Woolworths New Zealand, a subsidiary of the publicly listed Australian company, the Woolworths Group.
Woolworths has more than 1,050 stores in Australia and New Zealand, including its supermarkets, liquor, hotel, and retail divisions and has been in operation for more than 80 years.
Chand, Director of Investment Sales at Colliers, says the combination of favourable lease terms and an established tenant make this an inviting purchasing opportunity that will appeal to discerning buyers.
“With multiple rights of renewal in place, the new owner of this property will acquire a premium bottom-drawer investment that is underpinned by a strong tenant covenant,” Chand says.
“Countdown is a blue-chip operator and has shown that it can trade and thrive through all economic cycles, including a global pandemic.
“It is one of the most high-profile brands in New Zealand and having a property that is home to an ASX-listed tenant will be appealing for buyers as they search for premier assets.”
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.
The centres are typically located on main arterial roads, which provide good public transport access. The zone provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth.
Prentice, Director of Sales and Leasing at Colliers, says the strategic location of the property is a key attribute and the local beach is only moments away.
“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 Ōrewa,” Prentice says.
“In the surrounding area there is an array of retail offerings, while there are residential suburbs located north, south, and west of the property.
“When analysing all of the underlying investment fundamentals, this property shapes as one of the most enticing purchasing opportunities available on the open market.”
- Article supplied by Colliers
