Massive retail expansion in Albany

Media Release
Date 24.2.2009

‘Gateway’ retail complex opens new doors for commercial expansion in Albany

Albany basin on Auckland’s North Shore has seen phenomenal growth over the past decade – particularly around the North Harbour Stadium quadrant. Now a new complex has been brought to the market which will cement the area’s growing reputation as a retail hub.

The Gateway complex on Oteha Valley Road has been developed by Symphony on behalf of leasehold owner ING. The development has been segmented into three separate zones – each simply referred to as E1, E2 and E3 under the umbrella of The Gateway – encompassing a combined total of 4.76 hectares.

E1 has leasing options for convenience style outlets, while much of the already tenanted E2 sector has been populated by large home ware retailers. E3 is earmarked for future development once the first two sectors are running at capacity.

Already up and trading within the 25,000 square metre Gateway Home Centre are such high profile retailers as Mitre 10 Mega, Retravision 100% Electrical, Avanti Plus Cycles, The Dog’s Breakfast Trading Company and Beds R Us. In the process of opening, are Freedom Furniture, designer home-ware store Artisans Home NZ and commercial office tenant Warehouse Stationary.

Occupants are currently being sought for the remaining 2000 square metres of retail which is available in unit sizes from 430m2 to 1400m2 and 1000m2 of commercial offices which can be divided into 2 tenancies of approx 300m2 and 700m2.

The range of sizes combined with the 600 on site car parks provides flexible options for tenants. Bayleys leasing agent Michael Grainger said the Gateway project was an exciting opportunity in a booming part of New Zealand, at a time when many sectors of the economy were stagnating.

Mr Grainger said Albany Basin was fast becoming a magnet for commercial and large-scale retail activity on the North Shore – pulling businesses out of the traditional Wairau Valley area into new purpose-built facilities.

“While a number of tenants have already been signed up, there is still considerable potential to be in ‘on the ground floor’ in this exciting location. Within metres of The Gateway, there are building plans for a hotel, retirement village, and a number of residential units,” Mr Grainger said.

“These magnets, combined with the mushrooming population in and around the Albany commercial centre, bode extremely well for the long-term prospects within the Gateway facility.

“We anticipate having contracts for the remaining Gateway premises signed off over the coming months, with the premises occupied by the middle of this year.

“Endorsing Symphony’s vision for Gateway, the Auckland Regional Growth Strategy has identified Albany as likely to become the North Shore City’s major commercial centre – providing offices for more than 15,000 workers, homes for 6000 residents, speciality and bulk retail facilities and a variety of recreational services. These include such existing amenities as the North Harbour stadium (including its adjacent rugby and soccer pitches), the Millennium Institute of Sport, or the More FM Tennis Park.”

Symphony retail leasing manager Jan Hutcheson said the Gateway precinct is served by an outstanding transport network – positioned between the Northern Motorway on/off ramp and State Highway 17 which are both high traffic arterial routes, 250 metres from the Albany ‘park-and-ride’ bus terminus, and immediately overlooking the busy Oteha Valley feeder road connecting the East Coast Bays with Auckland’s western suburbs.

“Gateway will become an integral part of the much bigger Albany retail and commercial jigsaw,” said Ms Hutcheson.

“By structuring E1, E2 and E3 in such a way that they each offer a different size and style to the retail and commercial mix, Symphony has ensured a diversity of amenities to potential leaseholders, who in turn will be able offer a diversity of retail options to the public,” she added.

“Lease holders within the Gateway precinct are being carefully selected to ensure they complement existing services across the greater Albany basin and in particular the Mega Centre – which already features such big brand names as The Warehouse, Rebel Sports, and Farmers with Pak ‘n’ Save next door.

“By selectively allowing access to the greater Albany area through Gateway, rather than simply opening the floodgates to ‘all and sundry’, we are delivering our leaseholders a ring-fenced clientele and thereby assisting them to develop their businesses base.

“After all, it’s in both Symphony and ING’s interests to sow the seeds now for the long-term sustainability of those tenants.”

Mr Grainger said Bayleys and Symphony were in discussion with a number of potential businesses interested in taking up space in E1. Potential tenants included a drive-through banking operation, a large commercial office tenant, a medical centre, restaurants, cafes, superette, liquor store and small convenience retail stores plus a day-care centre with capacity to take 100 pre-schoolers, and three levels of car parking for up to 474 vehicles. Four road frontages provide multiple vehicle access points to the 13,000 square metres of mixed tenancies.

ENDS

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