A highly visible retail property on a busy road in Penrose in Auckland is available for lease and is ideally suited for a broad array of operators, including those seeking showroom or trade retail space.
Located at 8 Penrose Road, the property has 1,246sq m of total space, comprising a 1,183sq m ground floor showroom, and a 63sq m office on Level 1.
With polished concrete floors, upgraded lighting, and full air-conditioning this is a highly functional space that has previously been occupied by Noel Leeming for their outlet store and a furniture retailer.
The property benefits from a high level of road exposure and its strategic location in the Penrose trade retail and industrial hub.
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With 17 consented car parks that sit directly outside the building and more space available, the property offers customers a high level of convenience, while the motorway network and Penrose train station are only a few minutes away.
Access to the building is available via four large doors.
Colliers Brokers Ben Cockram, Danielle McLaughlin, and Leroy Wolland have been appointed to lease the property via negotiation.
The asking rate is $200 per square metre plus operating expenses and this price point will appeal to discerning retailers looking for an affordable trade retail solution.
Cockram, Director of Industrial at Colliers, says the combination of a strategic location and functional space make this a leasing opportunity that warrants serious consideration.
"The asking rental rate and operating expenses for this property are much lower than tenants could expect to pay in more prime trade retail locations. This presents prospective occupants with the chance to secure a cost-effective lease agreement in a challenging economic environment," Cockram says.
"The property has been well maintained and extensively renovated before it was tenanted by Noel Leeming and they utilised the space successfully for approximately six years."
Neighbouring suburbs to Penrose offer an extensive array of amenities that can be reached in six minutes such as Sylvia Park shopping centre and the nearby large format retail complex on Mount Wellington Highway that is home to Harvey Norman and Rebel Sport, alongside other well-known retailers. Dress Smart in Onehunga is also a short drive away.
Auckland Airport can be reached in approximately 20 minutes from the subject location, while the city s main port is only 11km away in the CBD.
McLaughlin, Retail Leasing Broker at Colliers, says this property has outstanding profile making it an attractive offering for businesses that are looking to establish or expand their presence.
"One significant drawcard for this property is that it is available immediately meaning a future occupant would be able to set up their operations and begin trading quickly," McLaughlin says.
"With a large volume of passing traffic there is considerable exposure for the building. The versatility of the existing space means it would suit a wide range of potential tenants."
Recent data from Stats NZ noted seasonally adjusted spending figures for February showed spending on consumables grew 0.6 per cent and apparel grew 1 per cent compared to the previous month.
Wolland, National Director of Large Format Retail at Colliers, says while there has not been a major upswing in retail spending due to challenging economic conditions across New Zealand, there have been positive signs of late.
"As households continue to roll off higher mortgage rates there will potentially be more money flowing through the economy, which can translate to positive outcomes for retailers," Wolland says.
"The large format retail sector continues to be a strong performer and this property provides prospective tenants with the opportunity to acquire prime space in a coveted location."
- Supplied by Colliers
