Lunn Ave retail units for lease

4:42 PM Friday May 11, 2018 True Commercial

An artist’s impression of the showroom and office units for lease at 46 Lunn Ave, Mount Wellington. Photo / Supplied

A variety of large showroom and office units for lease on a fast-growing Auckland retail strip will be fully refurbished and ready for new tenants to move in before Christmas.

The units at 46 Lunn Ave, Mount Wellington, are being marketed for lease by joint sole agents Colliers International and Bayleys.

The property was purchased in March by an add-value investor who is now spending a significant amount of capital refurbishing the building to a high standard with a new facade, exterior and roof.

Units are available in a variety of sizes and configurations. Ground floor space ranges from 180sq m to 465sq m, while up to 250sq m of mezzanine office or storage space is available.

Leroy Wolland, national retail director at Colliers International, is marketing the units for lease with Jessica Martin of Colliers and Geoff Wyatt and James Hill of Bayleys.

Wolland says Lunn Ave has shifted in focus towards retail in recent years, with Colliers International being responsible for a large amount of the leasing.

“Lunn Ave’s transformation has been happening over the last 10 years, starting at the northern end, and progressively moving south.

“The street is now well established as a retail destination for the affluent surrounding suburbs, including Mount Wellington, Stonefields, Ellerslie and Saint Johns.

“Many of New Zealand’s well-known brands are now situated on Lunn Ave, including PlaceMakers, New World and Mitre 10.”

Wolland says 46 Lunn Ave is the latest building to be upgraded to accommodate more retail type uses, and two units have already been leased.

Hill says one unit is on long-term lease to national tenant Flooring Xtra, which is one of New Zealand’s most recognised flooring brands.

“Flooring Xtra has been searching for an appropriate location in this market for some time. They immediately understood the benefits of this location and moved very quickly to secure the front unit.

“The other leased unit will be occupied by a sushi operator that has been at the property for several years, attracting strong trade, particularly from workers in the area.”

Martin says the property is undergoing extensive renovation to a very high standard.

“Once completed, each unit will have double-height glass frontages, roller door access, and a high stud showroom/warehouse.

“Each unit will also have a mezzanine that can be used as office or storage space, or leased separately to another tenant.”

Unit B comprises 270sq m with 110sq m of mezzanine; Unit C comprises 180sq m with 40sq m of mezzanine; and Unit D comprises 465sq m with 100sq m of mezzanine.

Wyatt says the refurbishment is expected to be completed by October, allowing tenants to move in ahead of Christmas trading.

“The landlord will provide fit-out packages to suit any occupiers. Alternatively, the owner would also consider selling to suitable owner-occupiers.”

Wyatt says the units would suit a variety of occupiers.

“With a range of sizes available, these units could suit homeware or furniture retailers, a commercial showroom, trade retail, a gym, a lifestyle offering, or potentially even an office.”

Wyatt says vacancy on Lunn Ave is low, and it is very rare for well-located premises to come up for lease.

“The units benefit from extensive car parking, with a total of 37 parks shared between the tenants.

“The landlord is also installing a new pylon sign which will give these units excellent exposure to traffic on Lunn Ave.”