Albany large format space to lease

Artist's concept of the Mitre 10 extension planned for the corner of Oteha Valley Rd and Munroe Lane. Photo / Supplied

A high-profile retail development to be built on a landmark Albany corner site is available for lease.

The operators of Mitre 10 Mega Albany are developing the property, next to their Oteha Valley Rd store, to include a new garden centre and cafe extension, and Albany's first new large format retail development in almost a decade.

About 4000sq m of new retail space will be available for lease, including a corner showroom with excellent street front exposure and signage options.

"This is an outstanding opportunity to secure new large format premises in a sought-after retail precinct," says Colliers International retail specialist Jessica Martin, who is marketing the property for lease with colleague Leroy Wolland.

"Just off the State Highway 1 motorway interchange, on the corner of Oteha Valley Rd and Munroe Lane, the site is easily accessible from north and south. It offers excellent exposure to large volumes of traffic and is close to Westfield Shopping Centre, Albany Mega Centre, Massey University and North Harbour Stadium."

Mitre 10's expansion, including a new garden centre and cafe, will occupy roughly half the new development site, while the remainder of the site will comprise flexible tenancy options ranging in size from 937sq m to 4000sq m. Martin says the corner tenancy in particular offers plenty of opportunities for a showcase retailer.

"The ideal tenant will make the most of the impressive street frontage, which boasts extensive floor to ceiling glass spanning two storeys," she says.

"The space would be well suited to a new vehicle automotive retailer looking for a high-impact showroom, or a furniture, appliance or homeware retailer."

Martin says wellness, health and fitness, and entertainment providers could also be ideal occupants.

"There's a growing trend overseas for entertainment and fitness centres to occupy traditional retail spaces, allowing them to benefit from the overall retail mix.

"We see good opportunities for forward-looking New Zealand fitness providers to follow suit."

Construction of the Mitre 10 Mega garden centre is under way, and the remaining retail tenancies are due to be completed by late 2018. Once finished, the development will offer 245 parking spaces.

Wolland, Colliers International's retail national director, says the development's catchment is one of the largest and wealthiest of any centre in New Zealand. "The expanded Mitre 10 Mega will be one of the largest in the country," he says.

"The owners also operate Mitre 10 in New Lynn, Warkworth and Whangaparaoa, which highlights their commitment to Auckland's north and their faith in the area's continued economic growth."

Mitre 10's existing premises form part of the Albany Lifestyle Centre.

Accessed from Corban Lane to the rear, the centre's tenants include Freedom, Snooze, Hunter Furniture, Bedpost, La-Z-Boy, 100%, The Importer and The Bed People.

Wolland says the Albany Lifestyle Centre was developed about nine years ago, and no new large format retail offerings have been developed in the Albany area since.

"With the Albany Mega Centre at capacity and no other large format retail developments underway, the Mitre 10 development is the best chance for large retailers to secure new premises in this growing area."

Wolland and Martin have more than 30 years combined experience leasing retail properties in the Albany area.