A substantial new retail complex in the heart of Auckland’s world-class waterfront Wynyard Quarter precinct has been placed on the market for sale. Developed by Willis Bond & Co, Wynyard Central is a 12-unit retail hub sitting at the base of brand-new apartment complexes, on the corner of Daldy Street and Pakenham Street in Wynyard Quarter.
The high-end tenancy schedule of Wynyard Central includes licensed restaurant Williams Eatery (a nine-year lease), French-themed patisserie and café La Petite Fourchette (eight-year lease) and high-end wine retailer Wine Runners (six-year lease).
Bayleys national directors Ryan Johnson and Chris Beasleigh said that the 128 year ground lease on the property had been pre-paid from December 2015 – meaning the site was effectively freehold for 125 years.
“The greater Wynyard Quarter is a hive of activity and growth at present – both from a commercial real estate perspective and a residential standpoint,” said Johnson. “It is the biggest mixed-use development of its kind in Central Auckland.”
“For the growing number of workers coming into the Wynyard Quarter vicinity, they require the convenience of being able to shop during lunchtimes, or immediately after work before commuting home on public transport.”
Most of the land encompassed within Wynyard Quarter is owned by Auckland City Council’s property development agency, Panuku Development Auckland. Beasleigh believed Wynyard Central was the first Central Auckland mixed-use retail hub of this size and diversity to be offered for sale.
“Wynyard Central not only offers a broad variation in tenant types, but also in unit sizes. Investors can take confidence in that broad dual diversity component to the location. The attractiveness of the retail tenancy leases within Wynyard Central is also underpinned by the fact that they have fixed annual rental increases written into the agreements.”