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St Kevins Arcade landmark up for sale

  • property
  • May 15, 2017
  • The Register team
St Kevins Arcade landmark up for sale

One of Auckland’s best known retail arcades has gone up for sale after the 90-year-old landmark received a facelift last year.

The fully occupied, 2,431 square metre three-level mixed-use complex, located at 183 Karangahape Road, is up for tender, closing on June 14 unless sold prior.

It is being marketed by Alan Haydock and Damien Bullick of Bayleys Auckland City & Fringe division who say the location has long been a jewel of Auckland city.

“The tasteful renovation has retained and enhanced the integrity of the arcade and its eclectic tenancy mix while also lightening and brightening the place up,” says Haydock. “It has certainly met with a very positive response from Aucklanders and therefore from tenants as well.”

The property is now fully leased to over 30 occupants who will provide the next owner with total net annual rental income of approximately $1.168 million a year.

The Icon Group’s Paul Reid says the decision to sell fits with the company’s commercial add value business model. “We would love to retain the building, however, we are selling to recycle funds into our next add value project.”

The refurbishment and restoration included a full interior and exterior repaint and retiling, new roofing and the reinstatement of historical corbels and leadlight glass as well as the installation of modern building services and technology such as new fiber cabling.

“There is a good mix of retail, hospitality, commercial and residential tenants with a weighted average lease term of approximately of 3.5 years and a wide range of expiry dates,” says Haydock.

“Many of the leases have fixed annual rental increases which will provide the next owner with steady rental growth in the years ahead.”

In July 2015 the St Kevins Arcade was bought by former Shortland Street star, Paul Reid, who is now a property manager.

Reid had plans to restore the arcade then, but his purchase saw critics calling out his plans to turn the arcade into another typical food court, as per the rumors.

But Reid went against speculations and upgraded the arcade alongside his business team at The Icon Group.

Looking to the future, Reid says St Kevins Arcade is well set to grow very effectively in the coming years.

“As younger and more upwardly mobile consumers continue to eschew mainstream malls in favour of authentic boutique brands and experiences and millennials continue to reside close to hip and fashionable inner city artistic suburbs, St Kevins arcade is perfectly positioned to capitalise on this growing demographic.”

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Kimberlys will be gone by Sunday

  • News
  • December 11, 2017
  • Sarah Dunn
Kimberlys will be gone by Sunday

Womenswear company Kimberlys was founded in 1983, but it won’t see out the end of 2017 before folding. It went into receivership in October and as a buyer has failed to come forward, all remaining Kimberlys stores will close on December 17.

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In store music matters

  • In Association with OneMusic
  • December 11, 2017
In store music matters

Music. It’s always there, but it’s not often we stop to think about the effect it has on our environment. Mark Cowie, New Zealand operations manager for Recycle Boutique talks about how they use music targeted to their demographic to add to the in-store experience.

Read more
 
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Oroton luxury bags put into administration

  • News
  • December 8, 2017
Oroton luxury bags put into administration

Oroton Group, owners of luxury accessories chain Oroton, entered the brand into administration at the end of November. The chain is set to operate as usual until a decision is reached regarding the brand's future.

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Expected retail trends for 2018

  • Opinion
  • December 7, 2017
  • Courtney Devereux
Expected retail trends for 2018

The retail industry is a fast-paced, uncertain minefield, where retailers must keep up with the latest trends and expectations to survive in the market. This year saw many trends come in and out, but what can retailers expect to face from 2018?

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