A brand new, freestanding Countdown Supermarket three kilometres from the Auckland CBD in New Zealand’s most affluent suburb has come to market.

Opened in June 2022, Countdown Herne Bay comes with an initial 12-year lease term with options out to 2074. The tenant, General Distributors Limited is owned by Woolworths New Zealand, a subsidiary of the ASX listed Woolworths Group (ASX:WOW).

Henry Thompson of Whillans Realty Group is the exclusive selling agent. Countdown Herne Bay is being sold by tender, with tenders closing October 12th (unless sold prior).

The property is currently returning a net income of NZD $1.47 million plus GST per annum. In addition to turnover rent, it has annual CPI+2% rent reviews. These reviews are protected by a hard ratchet and capped at 2.5%.

Thompson says supermarket properties are exceptionally strong investments, underpinned by the non-cyclical and essential nature of grocery shopping. This has been reinforced by the sector’s solid performance through various Covid 19 lockdowns and now high levels of inflation. Given the size of the landholding, its underlying high-density zoning, and position within Herne Bay, this asset is truly irreplaceable.

With a rentable area of 1,640sqm and 52 basement car parks, the property features high quality construction, offering exceptional depreciation benefits and minimal capital expenditure. 

Countdown Herne Bay is positioned on a 2,342sqm freehold site on the corner Jervois Road and Kelmarna Avenue. The property is one of the largest high-density land holdings in Herne Bay, with the underlying zoning permitting mixed-use development up to 18 metres. 

Jervois Road is a key thoroughfare and public transportation route. It links Countdown Herne Bay with the surrounding suburbs of Ponsonby, St Marys Bay and Westmere, to Auckland’s CBD and Harbour Bridge.

Jervois Road is home to a range of established cafes, restaurants and upmarket retailers - driving two-way traffic between the Countdown and these venues. In the last 18 months, two new luxury apartment buildings have been completed on Jervois Road, adding to foot traffic and retail spend in the immediate area.

Pursuant to new residential intensification policies adopted by the New Zealand Government, a significant portion of residential land in and around Herne Bay will allow infill housing, new terraced homes and apartments. This intensification will support future population growth and the demand for food and beverage and groceries in Herne Bay.

To request a copy of the Information Memorandum please contact the sole agent below. 

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