During his tenure as co-founder at Ganellen Property, Richard Manning played a key role in sourcing and conduction the due diligence process to acquire this asset. It was one of the first in the portfolio.
76 Quay Street was purchased in 2012. In addition to the excellent returns for its stakeholders, this building has under-gone significant rebranding and refurbishment in conjunction with a new long term Lease commitment from its anchor tenant – Woolworths, located in the prime CBD of Auckland, New Zealand.
With one of the wealthiest catchments in the country, a booming CBD population and lack of alternative Supermarkets, Woolworths - Quay Park is one of the strongest trading supermarkets in the country. Occupying a premium location in the core of the city, with limited competition from other supermarkets. The redevelopment of the Britomart has revitalised the immediate area.
The building comprises a modern purpose designed supermarket building of 4,394m2 and 190 car parking bays located beneath the Woolworths and directly opposite the Scene Apartment buildings. There is a potential development expansion to this site. The supermarket has the ability, subject to Council consent, to expand out approximately 455m2. In addition to this, the laneway lends itself to an exciting activation by a mix of food speciality uses.
In the long term there is also the opportunity to add additional levels on the building.
Ganellen Asset Plan:
- Renegotiated lease with anchor tenant for new 15 year lease and modernisation
- Re-finance to capitalise on the value enhancements.
- Resource consents for the Laneway activation and expansion with the introduction of further GLA
Countdown
Anchor Tenant4,394m2
Net Lettable Area190
Parking Spaces
