Glenfield Mall sold to Australian syndicate for $146m

Sale completed

Glenfield Mall on Auckland's North Shore has been sold to a private Australian syndicate for $146 million, according to Nick Willis of JLL, who brokered the deal. The sale marks the syndicate's inaugural investment in New Zealand, Willis said.

The transaction is the largest enclosed shopping centre sale in Auckland in over a decade, and only the third time since 2010 that a 100% controlling interest in an Auckland regional shopping centre has changed hands, Willis said.

The 30,558 square metre North Shore asset, anchored by Woolworths, The Warehouse, Farmers, and Briscoes, was sold to the syndicate, Willis said.

Background and sellers' statement

The mall was owned by Ross and Dallas Pendergrast of Ladstone Holdings. Earlier this year, the Pendergrasts said it was time to hand the mall over to new owners. In a joint statement in February, they said the mall had been an important part of the North Shore for decades.

"We have enjoyed and are proud of the energy we have put into Glenfield Mall; however, it is now time for us to hand over to new owners as we retire," the statement said.

"We believe the mall offers an exciting investment opportunity for future growth and value creation, supported by its strong anchor tenants and established customer base."

Property details

Ladstone Holdings indicated the mall was second only on the North Shore to Scentre Group's Westfield Albany. The second-largest shopping centre on Auckland's North Shore was brought to market in late March, according to a statement from Ladstone.

The Glenfield property is in the centre of a large residential area and occupies a highly visible and accessible site, fronting Glenfield Rd, Downing St and Bentley Ave. The enclosed format, more than 1500 free car parks and the site being on the main arterial bus route were advantages, Ladstone said.

The mall opened on the site in 1971 and has been substantially redeveloped over time. It is now more than 31,000 square metres of gross lettable area, Ladstone said.

Such a sale would be a rare event, the couple said, and it was the largest 100% interest in an Auckland regional shopping centre offered to the market in 10 years.