1-15 The Avenue, Auckland

Lease Extension

September 2019

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Trust Management is pleased to announce the securing of a eight year lease extension from 30 August 2019 with General Distributors Ltd, (Countdown) at 1-15 The Avenue, Auckland. 

 

This supermarket property is jointly owned by Trust Investments Property Fund and St John’s College Trust Board and the lease extension provides excellent long term tenant stability for both investors.  Countdown is undertaking a major refurbishment of its supermarket premises to provide the latest look and improved layout for customers together with adding  a new in-store pharmacy.  Under the agreement to secure the early commitment from Countdown, for a further and longer lease period, the air conditioning system is being replaced by the owners.  It is important that both the landlord and tenant reinvests into the properties to see the portfolio quality continue to be enhanced.

 

Felicity Berry, Property Asset Manager for Trust Management noted that the lease extension and further capital investment reinforced the long term outlook for this property as a strategic site for the supermarket in the growing suburb of Lynfield.