Rare 100% sale: Auckland’s Glenfield mall on the market, valued at $130m

Thursday, 9 April 2026

Full ownership of Glenfield Mall on Auckland’s North Shore is up for sale, and it’s just the third time since 2010 that a shopping centre in the city is being traded on a 100% basis.

That gives the property “a genuine scarcity premium that will see capital compete aggressively for this opportunity”, according to the Jones Lang LaSalle (JLL) agents managing the sale.

The family-owned mall spans a 30,458 sqm site with frontages on Glenfield Road, Downing Street and Bentley Avenue, and is valued at $130 million by Auckland Council.

It is home to blue-chip tenants including Woolworths, The Warehouse, Farmers and Briscoes, and four bank branches, and has strong visitation with foot traffic up more than 2.1% annually since December 2022.

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But the mall also has a “clear runway for income growth – with significant rental reversion potential across a tenant base that is already delivering strong productivity”, the agents said.

The mall’s 4.5 hectare landholding carries a Town Centre Zone designation permitting mixed use, and JLL analysis has identified potential for up to 180,000m² of additional gross floor area, subject to council approvals.

JLL executive director of retail investments Nick Willis said there had been a pronounced acceleration in capital appetite for New Zealand commercial property.

Tightening pricing and yield compression in the Australian market was narrowing the window for accretive deployment, he said.

That had left global capital – particularly from Australia, the United States and Asia-Pacific – increasingly looking to New Zealand, which was often favoured for “its compelling relative returns”, he said.

“Following the landmark sale of Manukau Supa Centa last year, which attracted deep competitive interest and marked Auckland’s largest retail transaction in over a decade, we expect Glenfield Mall to generate similarly strong engagement from the full scope of domestic and offshore investor groups.”

New Zealand’s lack of stamp duty, capital gains tax and land tax strengthened the proposition for both local and offshore capital, JLL’s associate director of retail investments Harry Fergusson added.

“The structural advantages relative to comparable markets across the Asia-Pacific are material and increasingly well understood by sophisticated investors.”

Built in 1971, Glenfield Mall was the first enclosed shopping centre on the North Shore, and was previously owned and redeveloped by Westfield.

It has been owned by Ross and Dallas Pendergrast of Ladstone Holdings since 2015, and under the couple’s stewardship there has been significant tenant remixing and capital investment.

The Pendergrasts introduced 40 new tenancies including Chemist Warehouse, Taco Bell, Carl’s Jr, Stirling Sports, Platypus, Lovisa, Kiwibank and Gloria Jean’s, and installed Tesla Superchargers in 2023.

When the couple first announced plans to sell they released a statement saying they were proud of the energy they had put into the mall, but it was time for them to hand over to new owners as they retired.

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

The couple, who were on NBR’s rich list in 2019 with estimated assets of $165m, also put the Glenfield Mall up for sale in 2018, but it did not sell.

In the past they have owned and redeveloped a number of malls in Auckland, including Southmall in Manurewa, the Royal Oak Shopping Centre, the Rialto Centre in Newmarket, and Pakuranga Plaza.