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NZ Foundations of Foundation start

Property Here - Wednesday, March 13, 2013

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Work under way after resource consent for $20m retail development on North Shore at Albany gets green light.

Construction has started on The Foundation, a $20 million retail development on Oteha Valley Rd in Albany, due to be completed towards the end of this year.

The 1.3 hectare site is flanked by a new Mitre 10 Mega store, Freedom Furniture and other existing bulk retail outlets immediately to the east and the North Harbour Stadium to the west.

The Foundation will provide retail services for the locals from Greenhithe, Coatesville and the West through to Browns Bay, Long Bay and other east coast suburbs.

The project is being undertaken by Todd Property Albany Developments, a subsidiary of Todd Property Group in conjunction with Adam Reynolds from Cappella Trust Investments.

Todd Property Albany Developments purchased the site from Argosy Property, which owns the adjacent Mitre 10 Mega complex and the Albany Mega Centre.

"Resource consent for the development has been granted, earthworks have started and the development is due to be completed by September-October this year," Reynolds says.

He says The Foundation will provide automotive, leisure and service facilities, plus an upmarket dining precinct. The restaurants and food outlets will predominantly overlook a landscaped square featuring an interactive sculpture.

Bridgestone plan to open one of their new "B Select" Service Centres within the site.

"We were looking for a site in Albany on a major arterial road, with a high profile, in an area poised for growth and with easy access for our customers," says David Gell of Bridgestone.

Jan Hutcheson, master agent for the leasing of the centre, says the tenanting focus is on having a high quality mix of branded occupants which will complement and support each other. "The tenancy mix will ensure The Foundation becomes a destination centre for people on the North Shore," he says.

"Among the excellent tenants we have committed to the site is the Lone Star restaurant chain which will anchor the restaurant precinct within the development. Lone Star management recognise the potential the site offers to establish one of their successful family restaurants and believe the location is ready to embrace a comprehensive restaurant precinct which will provide high quality dining and entertainment choices."

Lone Star director Shane Hausler says the firm opened its first restaurant in Christchurch in 1988 has now expanded to 21 restaurants throughout the country.

The Foundation site sits on one of the main junctions, on the corner of Oteha Valley Rd and Appian Way. Oteha Valley Rd connects a growing residential population with the services and shopping of Westfield Mall and the Mega Centre, the ACC park and ride facility and the leisure activities held at the stadium, the local tennis centre, Massey University campus and the schools and the east coast beaches.

In the immediately surrounding area there are plans for a new Countdown supermarket, expanded activity at the North Shore Stadium and Aquatic Centre and further residential development.