A fully leased, high-profile entertainment complex in Henderson’s metropolitan heart presents investors with a rare opportunity to secure long-term income underpinned by one of Australasia’s strongest leisure operators, Bayleys brokers say.

Bayleys Capital Markets senior director Jason Seymour, together with colleagues Cameron Melhuish and Craig Smith, is marketing the freehold site at 28 Catherine Street for sale by deadline private treaty, closing at 4pm on Wednesday 29th October 2025 (unless sold prior).

The 2,427sqm facility, situated on a 4,497sqm (more or less) site with dual street frontage and 59 on-site car parks, is leased in its entirety to The Entertainment and Education Group (TEEG) - the company behind Zone Bowling and Timezone.

The tenancy returns a net passing income of $662,192 plus GST per annum, with fixed annual rental growth and a Weighted Average Lease Term (WALT) of 6.5 years.

Seymour says the property exemplifies growing investor appetite for scale assets in metropolitan centres, underpinned by proven catchments and resilient tenant demand.

“Entertainment and experience-based retail have been quietly resilient, supported by strong consumer demand for shared activities post-pandemic. The subject property, substantially refurbished in 2022 for TEEG’s dual brand offering, aligns squarely with those trends, while offering the long-term certainty of a global operator’s covenant.”

TEEG operates more than 350 centres internationally and has invested millions into the Henderson site, signalling its commitment to the location. The current 10-year lease term, extending to 2032, with renewal rights, is secured by a parent company guarantee and further enhanced by a six-month rental bond, providing investors with multiple layers of income security.

Henderson, being 16 kilometres west of Auckland’s CBD, is a key town centre within Auckland’s urban hierarchy, says Bayleys Capital Markets director Cameron Melhuish.

“Henderson is projected to absorb significant population growth, with the local catchment expected to expand by more than 36,000 residents by 2048. Anchored by major retail destinations including the WestCity and The Boundary shopping precincts, and benefitting from excellent transport links, the area is undergoing a wave of urban regeneration under the Auckland Council’s ‘Unlock Henderson’ programme.

“Population growth, intensification, and improved public amenity are reshaping Henderson’s commercial landscape. Properties of scale in walk-up locations, close to rail and retail anchors, are strongly sought-after amongst occupiers, investors, and developers.”

While currently trading as a fully modernised entertainment hub, the property retains long-term flexibility. Zoned Business – Metropolitan Centre, the site allows vertical development up to 73.5 metres, positioning it for future mixed-use intensification. Its original design as a large-format retail store further demonstrates its adaptability to multiple uses.

Bayleys Commercial, Industrial and Land Sales director Craig Smith says it represents a secure, income-producing asset with embedded development options.

“In a market where investors are prioritising stability, scale, and growth prospects, the subject property, with its covenant strength, prime location in a high-growth catchment, and asset flexibility, offers an immediate and reliable return, well-positioned to see out West Auckland’s next growth cycle.”