In 2017 Countdown leased the building for 20 years, the earning rate being $800,000 net per annum. Three rights of renewal of 10-years each have been agreed to, plus an additional right of renewal of five years, with final expiry in 2072. Rent reviews are scheduled every five years.
"Countdown uses much of the building's 3582 square metres for retail areas, grocery freezers, a cleaners' room, back-of-house and dual path ductwork," says Binning.
"However, this property also has ample room for future expansion."
He adds that the steep population growth over recent years has delivered regular custom to supermarket and surrounding retailers and service providers. Its completion in 2017 transformed the lives of people living in this area.
"Countdown anchored a major retail development, one bringing people in this fast-growing area access to everything they needed — a medical centre, pharmacy, physio, Labtests facility, accounting and legal practices, beauty services, gym and multiple food outlets.
"This well-planned retail development became a one-stop-shop for locals; it's well located and easy to use, with multiple access points and plenty of on-site car parking," says Binning.
The building is engineered to Countdown's high standards, having concrete foundations and structure with steel beam construction; vinyl flooring to the main retail areas; exposed concrete in the store-room areas and exposed ceilings.
The main frontage provides glazed internal walls with the rear of the site having the loading dock and back of house areas. Nearest competing supermarkets are at Flat Bush, Howick, Botany Downs and Highland Park.
"Beachlands is predicted to grow by 53 per cent between 2017 and 2043; rising from just under 8000 residents at present, to more than 12,000 in this period. Research shows that residents of Beachlands have an average household income $101,600 per annum, considerably higher than the Auckland regional average of $76,500," Binnings says.
"Many families have chosen to move to this area. Years ago it was was a holiday location but now it's a popular residential area, with beach, marina and parks easily accessible. Residential subdivisions such as Pine Harbour and Spinnaker Bay have attracted residents, while the level of house construction to south of the township is staggering.
"Beachlands is about 35-minute-drive from Auckland Airport and 44-minutes from the CBD, which residents may also reach by ferry. Schools are relatively close to the shopping centre, while the Pine Harbour Marina." Formosa Golf Course and Country Club are also just a convenient drive to get to," says Binning.
"Traffic plies Beachlands Rd every day with over 9000 cars driving past the Countdown week days; about 7000 on Saturdays and also on Sundays."
