The enclosed format, more than 1500 free car parks and the site being on the main arterial bus route were advantages.
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.
Farmers, The Warehouse, Woolworths and Briscoes are anchor tenants.
Auckland Council records show 40-48 Downing St is valued at $130m for rating purposes:
- 4.4ha site valued at $42m;
- 29,308sq m improvements valued at $88m;
- Total annual rates $830,000;
- Total property value: $130m.
A joint statement from the Pendergrasts said the mall had been an important part of the North Shore for decades.
“We 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.
“We believe the mall offers an exciting investment opportunity for future growth and value creation, supported by its strong anchor tenants and established customer base.”
Such a sale would be a rare event, the couple said.
This is the largest 100% interest in an Auckland regional shopping centre offered to the market in 10 years, they said.
Strong local and offshore interest is anticipated.
The property will be marketed by JLL agents Nick Willis, Sam Hatcher and Harry Fergusson.
A JLL statement said retail property had performed well compared to the office and industrial sectors.
“The 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,” JLL said.
Regional centre development accounted for less than 5% of retail space additions from 2020 to 2025.
New Zealand had limited new supply of retail centres, so competition was strong for good assets, the agents said.
Westfield Albany’s latest valuation on its balance sheet points to Glenfield possibly having a valuation above its rating estimate.
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).
The other 49% of the 53,335sq m Westfield Albany is owned by Singapore’s Government Investment Corporation.
Extrapolating Albany’s 53,000sq m to Glenfield’s 31,000sq m could give an indicative valuation of the Pendergrasts’ mall at $200m.
But the mall has had its problems.
In December, a woman could not walk and was too scared to go shopping alone after she was attacked there. Two women were charged with aggravated assault after security guards and a bystander were injured attempting to stop the assault at the mall.
In mid-2023, a series of aggravated robberies by teenagers included Michael Hill’s shop at Glenfield Mall. Waitematā 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.
In 2018, the mall was marketed for sale with Colliers but never sold.
John Goddard said then it had three mini-major retailers, five banks, 85 speciality shops, 12 kiosks and a busy food court.
The Pendergrasts also owned Pakuranga Plaza, but in 2014, they sold that for $96m to Singaporean-based investors Stanley Tan and Pang Yoke Min.
In 2019, the Pendergrasts featured in the NBR Rich List, estimated to have $165m of assets.
Their initial investments were in car yards, but they then moved into renovating commercial buildings.
Their first shopping centre was Manurewa’s Southmall, followed by Royal Oak and then Newmarket’s Rialto Centre.
Companies Office records show they live in New Zealand’s richest suburb, Herne Bay.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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