Last unit for lease in Te Rapa homeware centre
An artist’s impression of 16 The Boulevard, Te Rapa, Hamilton in which one unit is still available for lease.
Only one unit is still available for lease in a homeware-focused large format retail centre being constructed in Te Rapa, Hamilton.
The centre, at 16 The Boulevard, is due for completion in February 2016 and leasing agents Leroy Wolland and Alan Pracy of Colliers International have already signed up Hunter Furniture, La Z Boy Furniture Gallery and a third yet-to-be-announced furniture retailer.
“We now have the sole remaining tenancy for lease comprising a 761 sq m space positioned at the front of the development which offers the highest visibility of all the tenancies in the building,” says Wolland.
“This is an excellent opportunity for a homeware retailer to gain an excellent profile in this new retail centre. Signage is available on three sides of the building, including a signage panel fronting busy Te Rapa Rd.”
He says the space is ideally suited to home-focused retailers who will complement the other three tenants and the occupiers in the surrounding area.
“We are looking to accommodate home, trade, design, furniture or appliance retailers who may not already have a presence in Te Rapa but are keen to capitalise on the benefits of being located in this busy precinct alongside other complementary retailers.”
Pracy says this part of Te Rapa has developed into a well known home, DIY, furniture and appliance hub in recent years.
“The area is now a recognised homeware precinct, which gives retailers the benefit of being associated alongside similar occupiers – increasing the ability to capture a greater number of customers. Shoppers treat these precincts as ‘destinations’ where they are able to access a full range of products and compare prices in one convenient visit.”
The new development is being constructed on a 6000 sq m site with 70 off-street car parks. The 3200 sq m building is split into various-sized tenancies which all face the car park.
Wolland says tenants Hunter Furniture and La Z Boy Furniture Gallery are both well known brands with a nationwide presence in New Zealand.
“Hunter Furniture has become one of New Zealand’s most well-respected furniture chains and operates eight stores around New Zealand. La Z Boy is a longstanding international brand with Furniture Gallery stores in the country. This new store will be the only standalone dedicated La Z Boy Gallery in the Waikato region.”
The retail centre is next to a full-offer Harvey Norman store, with the new building orientated to face the Harvey Norman car park. Other neighbouring retailers include Placemakers, Big Save Furniture, PK Furniture, Danske Mobler, Bedpost, Beds R Us, Early Settler, Supercheap Auto and Kitchen Things.
Pracy says the retailers in the new development are also likely to receive “spin-off” patronage from the centre being near The Base, the Waikato’s ‘super regional’ shopping centre. A Mitre 10 Mega store is also in the immediate vicinity.
The development occupies a dual frontage site facing both Te Rapa Rd and The Boulevard. “The site is located at the heart of the Te Rapa commercial and retail district,” says Pracy.
“Te Rapa is the fastest-growing commercial location in the Waikato, anchored by The Base, which is the largest shopping centre in the country. The area is also home to a recently-opened Countdown supermarket and a new-format Kmart store. A large number of national retail chains are also present in Te Rapa – making the area a true regional destination for shopping.”
Pracy says there is very strong demand in the Te Rapa commercial market. “Retailers in Te Rapa serve a large catchment in the north of Hamilton and throughout the surrounding rural area. The Base alone attracts 7.5 million customers every year.”
He says planning continues on the longer-term vision of turning The Base into a ‘town centre’. “This is tipped to include a business park with office space, a comprehensive healthcare facility, hotel accommodation and public amenities covering an area of around 10 hectares.”
Leroy Wollard (left) and Alan Pracy (right), of Colliers International.