Warkworth unit has long lease to pet store
Pets North leases the property within The Grange retail centre at Warkworth. Photo / Supplied
A Warkworth pet store within The Grange retail centre, located along State Highway 1 between Auckland and Wellsford, has been placed on the market.
Pets North occupies 411.6sq m, including a 106sq m courtyard, in Unit 5 and has a half share in Unit 5C, generating annual net rent of $122,650.
“The freehold strata title unit is the last in The Grange owned by the developer,” says Matt Lee of Bayleys Auckland who with colleagues James Chan and Henry Napier, is marketing 67 Auckland Rd for sale by private treaty closing at 4pm on Friday June 28. The property features in Bayleys latest Total Property portfolio magazine.
Built three years ago, The Grange is located at the edge of Warkworth going south.
Lee says the unit has three-phase power and fibre data cabling. A six-year lease with one
six-year right of renewal expiring in 2030 was signed by locally-owned and operated Pets North in April last year, and any new owner of the property gets bank and personal guarantees. Rental growth is provided by annual adjustments to the Consumer Price Index and to market rates every three years.
“Pets North has a large retail area where premium pet food, accessories and bedding are displayed,” Lee says.
Within The Grange’s 29 units many are occupied by major national brands, such as McDonald's, Coffee Club, Domino's Pizza, St Pierre's Sushi, Tank Juice, Bottle-o, Kebabs on Queen, Vivo Hair & Beauty and Educare childcare. There is also a BP petrol station on the site.
Custom for the shops comes from passing motorists, the growing local population and the wider emerging catchment area, drawn in by the 12m entrance pylon and double-sided blade sign, on which every tenant has an allocated panel, giving significant exposure from both sides of SH1.
Lee says the centre is well-established and benefits from a valuable right-hand turn - making it easy for passing vehicles going north and south to get into the site.
“Positioned along the eastern side of the complex is a relaxing pedestrian-friendly plaza with timber seating looking out to native vegetation. Connected to the plaza is a picnic lawn, plus a viewing deck and a timber swing bridge connecting the site to a cycle track through the bush.”
The immediate area around The Grange has a range of established businesses, including Mitre 10, Carters, Repco and VTNZ. Situated next to The Grange is the McKinney Valley residential development, a planned large-scale project of more than 400 houses.
Warkworth is the largest rural town in the northern part of Auckland, with a population of more than 4000 people, which is expected to swell to 25,000 permanent residents by 2030. The town reported 19.5 per cent growth between the 2006-2013 census.
Historically regarded as more of a tourist and lifestyle destination, significant residential and employment growth is expected over the next 30 years with about 1100ha earmarked as future urban land that could accommodate about 7500 additional houses for 20,000 people.