Commercial property assets are tightly held in St Heliers, the last coastal village along Auckland’s Tāmaki Drive, with investments tending to be intergenerational. This is evidenced by the long-term ownership of St Heliers Mall which is now on the market for the first time in more than 36 years.

The well-presented and maintained mall is fully leased to 11 established and entrenched tenants, some having operated there for three decades.

The single storey complex was constructed in the 1960s on a 728sqm freehold site formerly occupied by the Tatler picture theatre, and has dual access off St Heliers Bay and Polygon Roads. The building has a floor area of circa-683sqm and has undergone regular maintenance and upgrades.

The diversified retail asset returns net annual income of $447,303 plus GST, with the leases having varying lease terms and fixed rental increase mechanisms, and many underscored by personal guarantors.

The tenant mix comprises independent retailers of surf and streetwear, childrenswear, womenswear, lingerie, homeware, and shoes plus a café, sushi, nail salon, hairdresser, and an ASB ATM machine.

The property has Business – Local Centre zoning, providing inherent future development flexibility.

James Were, Mike Houlker, and James Chan of Bayleys are marketing St Heliers Mall at 33-39 St Heliers Bay Road via deadline private treaty closing Thursday 22nd May, unless sold prior.

The village’s vibrant commercial precinct is well-supported by a loyal and affluent wider residential catchment that extends to Glendowie, Mission Bay, Ōrākei, Kohimarama, and Meadowbank. Were says the property occupies a premium location in the heart of the village with strong street profile and high foot traffic.

“The success and viability of the mall is reflected in the tenant line-up, with some businesses having traded from the centre for 30-plus years.

“The ‘shop local’ mantra has clearly underpinned retail activity in St Heliers and the loyalty factor is high. These are all independent business operators who know and understand their clientele and St Heliers has become a destination for those looking for a more traditional, personalised retail experience.”

Houlker says private buyers considering retail assets such as St Heliers Mall should be encouraged by the institutional market that is actively on the acquisition trail for investment grade property in the sector.

“The big players are buying retail assets based not only on income, but by strong underlying land values and identified growth fundamentals in prominent locations.

“The St Heliers property has strong investment credentials – it is a well-leased, well-positioned asset with a good tenant mix and high footfall. As such, it provides an investor with a combination of income return and potential capital growth in a sought-after seaside suburb.”

St Heliers Mall is located across the road from the village’s heritage-protected library and is a short walk from St Heliers Bay beach. There are good public transport links nearby on Tāmaki Drive, and on-street parking for customers.