The enclosed format, more than 1500 free car parks and the site being on the main arterial bus route were advantages.<\/p>\n
Glenfield shopping centre on Auckland’s North Shore.<\/p>\n
A mall opened on the site in 1971 and has been substantially redeveloped over time. It is now more than 31,000sq m of gross lettable area, Ladstone said.<\/p>\n
Farmers, The Warehouse, Woolworths and Briscoes are anchor tenants.<\/p>\n
Auckland Council records show 40-48 Downing St is valued at $130m for rating purposes:<\/p>\n
4.4ha site valued at $42m;29,308sq m improvements valued at $88m;Total annual rates $830,000;Total property value: $130m. Inside Glenfield shopping centre on Auckland’s North Shore.<\/p>\n
A joint statement from the Pendergrasts said the mall had been an important part of the North Shore for decades. <\/p>\n
\u201cWe have enjoyed and are proud of the energy we have put into Glenfield Mall; however, it is now time for us to hand over to new owners as we retire. <\/p>\n
Glenfield Mall has about 1500 car parks. Photo \/ Michael Craig<\/p>\n
\u201cWe believe the mall offers an exciting investment opportunity for future growth and value creation, supported by its strong anchor tenants and established customer base.\u201d<\/p>\n
Such a sale would be a rare event, the couple said.<\/p>\n
This is the largest 100% interest in an Auckland regional shopping centre offered to the market in 10 years, they said.<\/p>\n
Glenfield Mall co-owner Dallas Pendergrast. Photo \/ Jed Bradley<\/p>\n
Strong local and offshore interest is anticipated.<\/p>\n
The property will be marketed by JLL agents Nick Willis, Sam Hatcher and Harry Fergusson.<\/p>\n
A JLL statement said retail property had performed well compared to the office and industrial sectors.<\/p>\n
Property investors Ross and Dallas Pendergrast.<\/p>\n
\u201cThe retail market saw a major shift in 2025 with New Zealand recording significant growth and Australia reaching record-high transaction volumes, driven by three consecutive years of strengthening fundamentals and re-leasing activity,\u201d JLL said.<\/p>\n
Regional centre development accounted for less than 5% of retail space additions from 2020 to 2025.<\/p>\n
Glenfield Mall will be marketed later in March.<\/p>\n
New Zealand had limited new supply of retail centres, so competition was strong for good assets, the agents said.<\/p>\n
Westfield Albany\u2019s latest valuation on its balance sheet points to Glenfield possibly having a valuation above its rating estimate. <\/p>\n
Albany owner Scentre Group values its 51% share at A$289m ($343m) as of December 31, 2025. All of Albany mall could therefore be worth more than A$570m ($676.6m).<\/p>\n
The other 49% of the 53,335sq m Westfield Albany is owned by Singapore\u2019s Government Investment Corporation.<\/p>\n
Extrapolating Albany\u2019s 53,000sq m to Glenfield\u2019s 31,000sq m could give an indicative valuation of the Pendergrasts\u2019 mall at $200m.<\/p>\n
But the mall has had its problems.<\/p>\n
In December, a woman could not walk and was too scared to go shopping alone after she was attacked there<\/a>. Two women were charged with aggravated assault after security guards and a bystander were injured attempting to stop the assault at the mall.<\/p>\n In mid-2023, a series of aggravated robberies by teenagers <\/a>included Michael Hill\u2019s shop at Glenfield Mall. Waitemat\u0101 West CIB Detective Senior Sergeant Megan Goldie said people aged 14, 15 and 16, were arrested after police executed a search warrant at a Panmure address.<\/p>\n In 2018, the mall was marketed for sale<\/a> with Colliers but never sold.<\/p>\n John Goddard said then it had three mini-major retailers, five banks, 85 speciality shops, 12 kiosks and a busy food court.<\/p>\n The Pendergrasts also owned Pakuranga Plaza, but in 2014, they sold that for $96m to Singaporean-based investors Stanley Tan and Pang Yoke Min. <\/p>\n In 2019, the Pendergrasts featured in the NBR Rich List, estimated to have $165m of assets. <\/p>\n Their initial investments were in car yards, but they then moved into renovating commercial buildings. <\/p>\n Their first shopping centre was Manurewa\u2019s Southmall, followed by Royal Oak and then Newmarket\u2019s Rialto Centre. <\/p>\n Companies Office records show they live in New Zealand\u2019s richest suburb, Herne Bay.<\/p>\nBack in 2020: Dallas and Ross Pendergrast. Photo \/ Norrie Montgomery<\/p>\n
The Rialto Centre at 153-185 Broadway, Newmarket. <\/p>\n