A prominent large-format retail centre and sizeable adjoining development site, together known as Northwood Supa Centa and Styx Land, have come to the market for sale just as Christchurch’s population and retail sales figures both lift above pre-earthquake levels.
Marketed by Tim Rookes and Brent McGregor of CBRE on behalf of Fund Manager AMP Capital, the Northwood Supa Centa and Styx Land at the corner of Main North Road and 1 Radcliffe Road, Belfast, Christchurch, are being offered to the market by way of a Deadline Private Treaty campaign closing on Thursday 18 October 2018 at 4pm, unless sold prior.
“This is a significant opportunity to acquire a well-established retail centre with proven performance, along with a substantial adjoining development site to future proof the investment,” says Tim Rookes. “The centre has an enviable mix of established national and international brands with solid trading track records, and the neighbouring land has excellent mixed-use potential. We expect strong national and international interest, particularly as large format retail centres are tightly held.”
Occupying a 7.35 hectare site on the corner of Radcliffe Road and Main North Road, a main arterial route to the north of Christchurch’s CBD, Northwood Supa Centa has always benefited from high profile commuter exposure.
The centre is anchored by some of New Zealand’s most recognised retailers, with seven ‘majors’ including Harvey Norman, Countdown, The Warehouse, Noel Leeming and Smith City, as well as 24 specialty tenants within the net lettable area of 33,062 sqm. With 94% occupancy, the centre generates an annual net passing income of $6,826,221 plus GST, with the opportunity to add value particularly in the fast-growing food and beverage segment.
“Northwood Supa Centa has established itself as the dominant large format retail development to the north of the city,” says Brent McGregor. “A strong trading history has attracted brands of national and international quality to the centre, including Harvey Norman, Warehouse Stationery, Lighting Plus, Resene, Pacific Radiology, Pizza Hut, City Fitness, Noel Leeming, Subway and Flight Centre.”
Well-known automotive brands Repco, Beaurepaires, Midas and VTNZ also draw traffic to the centre and provide a distinctive one-stop-shop automotive customer experience.
The neighbouring 12.9 hectares of prime development Styx Land provide opportunities to add value. The mix of Commercial Core and Residential New Neighbourhood zones means the potential exists for further retail development or even a reversion to residential and/or retirement village use, as the zoning provides for a wide range of residential home types and section sizes.
Rookes says: “The first thing that grabs you is the 500 metres of road frontage and corner aspect onto Main North Road, and the presence of the adjacent dominant retail Supa Centa. People already know it as a destination. Potential development of complementary uses, including residential and retirement housing, creates opportunity to add value to the existing retail offering.
“The Styx Land could accommodate any existing majors at Northwood Supa Centa should they wish to expand, thus securing them in the immediate location. Additional retail space could be added in a manner that supports the existing retailers, creating greater critical mass for Northwood as a shopping destination. There is also the ability for interested parties to acquire the land as a standalone development opportunity, particularly given the mix of Commercial and Residential Zoning, and the excellent profile. It’s exciting to be able to market a site of this calibre.”
McGregor adds that the centre is set to benefit from strong population growth, particularly in the all-important nearby Primary Catchment. “Christchurch’s population has risen above pre-quake levels for the first time as the recovery gathers steam. Latest Statistics New Zealand estimates show that although construction activity is considered to have passed its peak and is no longer driving growth, it is being replaced instead by the underlying economy.
“Retail sales activity in Canterbury has steadily grown since 2012, with the most recent growth levels outpacing New Zealand overall.”
Marketed by Tim Rookes and Brent McGregor of CBRE on behalf of Fund Manager AMP Capital, the Northwood Supa Centa and Styx Land at the corner of Main North Road and 1 Radcliffe Road, Belfast, Christchurch, are being offered to the market by way of a Deadline Private Treaty campaign closing on Thursday 18 October 2018 at 4pm, unless sold prior.
“This is a significant opportunity to acquire a well-established retail centre with proven performance, along with a substantial adjoining development site to future proof the investment,” says Tim Rookes. “The centre has an enviable mix of established national and international brands with solid trading track records, and the neighbouring land has excellent mixed-use potential. We expect strong national and international interest, particularly as large format retail centres are tightly held.”
Occupying a 7.35 hectare site on the corner of Radcliffe Road and Main North Road, a main arterial route to the north of Christchurch’s CBD, Northwood Supa Centa has always benefited from high profile commuter exposure.
The centre is anchored by some of New Zealand’s most recognised retailers, with seven ‘majors’ including Harvey Norman, Countdown, The Warehouse, Noel Leeming and Smith City, as well as 24 specialty tenants within the net lettable area of 33,062 sqm. With 94% occupancy, the centre generates an annual net passing income of $6,826,221 plus GST, with the opportunity to add value particularly in the fast-growing food and beverage segment.
“Northwood Supa Centa has established itself as the dominant large format retail development to the north of the city,” says Brent McGregor. “A strong trading history has attracted brands of national and international quality to the centre, including Harvey Norman, Warehouse Stationery, Lighting Plus, Resene, Pacific Radiology, Pizza Hut, City Fitness, Noel Leeming, Subway and Flight Centre.”
Well-known automotive brands Repco, Beaurepaires, Midas and VTNZ also draw traffic to the centre and provide a distinctive one-stop-shop automotive customer experience.
The neighbouring 12.9 hectares of prime development Styx Land provide opportunities to add value. The mix of Commercial Core and Residential New Neighbourhood zones means the potential exists for further retail development or even a reversion to residential and/or retirement village use, as the zoning provides for a wide range of residential home types and section sizes.
Rookes says: “The first thing that grabs you is the 500 metres of road frontage and corner aspect onto Main North Road, and the presence of the adjacent dominant retail Supa Centa. People already know it as a destination. Potential development of complementary uses, including residential and retirement housing, creates opportunity to add value to the existing retail offering.
“The Styx Land could accommodate any existing majors at Northwood Supa Centa should they wish to expand, thus securing them in the immediate location. Additional retail space could be added in a manner that supports the existing retailers, creating greater critical mass for Northwood as a shopping destination. There is also the ability for interested parties to acquire the land as a standalone development opportunity, particularly given the mix of Commercial and Residential Zoning, and the excellent profile. It’s exciting to be able to market a site of this calibre.”
McGregor adds that the centre is set to benefit from strong population growth, particularly in the all-important nearby Primary Catchment. “Christchurch’s population has risen above pre-quake levels for the first time as the recovery gathers steam. Latest Statistics New Zealand estimates show that although construction activity is considered to have passed its peak and is no longer driving growth, it is being replaced instead by the underlying economy.
“Retail sales activity in Canterbury has steadily grown since 2012, with the most recent growth levels outpacing New Zealand overall.”
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ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
