Ex-Todd Property shopping centre in east Auckland put up for sale by new owners

Thursday, 6 February 2020

Stonefields homes stand shoulder to shoulder on small sections. The subdivision was developed by Todd Property Group on the site of a disused quarry in Mt Wellington, Auckland.

The new owners of Stonefields Market, an Auckland neighbourhood shopping centre, are selling the property a few months after buying it in mega-property deal with the billionaire Todd family.

NZ Prop Co, the consortium of local and overseas investors that bought the majority of the Todd family's residential land development and property assets, has put the open air shopping centre servicing the new Stonefields suburb up for sale.

NZ Prop Co's directors include well-known property developers Nigel McKenna of Auckland and Christchurch rich-lister Ben Gough of the wealthy Gough family.

Stonefields Market has been placed on the market by NZ Prop Co, a consortium of local and overseas investors which bought land, residential and other developments and assets from Todd Property Group.

The centre is at the entrance to Stonefields in eastern Auckland which was developed by Todd Property, the property development arm of family-owned Todd Corporation, over the past ten years. It has transformed 110 hectares of a disused quarry in Mt Wellington into an urban village where the modern houses stand shoulder to shoulder on small sections.

* Todd Property Group sells Kapiti Coast airport, major developments in Auckland and Christchurch

* Nine-level apartment Stonefields complex rejected

Nigel McKenna is the founder, chairman and chief executive of Templeton Group which owns almost half of NZ Prop Co.

* Old quarry site turns into Stonefields**

The centre accommodates a mix of 17 tenants including larger ones like Speights Ale House and Flex Fitness and smaller tenants like food retailers, real estate agents Barfoot & Thompson, Super Liquor, a nail salon, a pharmacy and an office on the first floor tenanted by Stonefields Medical Centre and provides 148 car parks.

NZ Prop Co has placed 2.6 hectares of land, part of the old hospital site on Napier Hill, up for sale also.

Stonefields Market is a second property put up for sale by NZ Prop Co out of the properties bought from Todd Property. The other is 2.6 hectares of the old Napier Hospital hill site suited to a residential development. Todd had planned to build two apartment towers, terraced houses and stand-alone houses there.

Colliers International is marketing the Stonefields retail property which has a total net lettable area of 2887 square metres and returns $1.16 million in fully let net annual income.

Colliers International's capital markets director Jason Seymour said the suburb benefited from a wider catchment area and was surrounded by some of Auckland's most affluent suburbs.

The residential development would be home to more than 6000 people once completed, he said. Stonefields is bordered by Mount Wellington, Tamaki, Point England, Glen Innes and Remuera suburbs.

The vendor of Stonefields Market was Templeton Retail, which the Companies Office records show as owned by NZ Prop Co.

The consortium members were developers of properties and Stonefields Market was already developed and more suitable for a property investor, hence the sale, Seymour said. The deadline for offers is Wednesday February 26, 4pm.

NZ Prop Co is almost half-owned by Templeton Group, founded, chaired and run by Auckland commercial and residential developer Nigel McKenna.

Another 27 per cent is owned by Tailorspace Atlas, an investment company 85 per cent owned by well-known Christchurch rich-lister and property developer Ben Gough and 23 per cent by London-based Alvarium RE Limited, an investment company looking for real estate and alternative 'direct co-investment opportunities', according to information supplied by NZ Prop Co.

The Todd Property assets sold to NZ Prop Co included

. 68ha of coastal land at Ngunguru

. The former hospital site in Napier

. Long Bay including the newly-built Long Bay Village retail centre

. Stonefields including the retail centre Stonefields Market

. Pegasus residential development (north of Christchurch) including the town centre

. Kapiti Coast Airport Holdings including Kapiti Landings large format retail centre

. Rights to develop future stages of Ormiston Town centre and Flat Bush School Road.