Substantial new retail complex outlined for central Auckland

Media Release
Date 7.2.2011

Substantial new retail complex outlined for central Auckland

Plans for one of the biggest multi-tenancy retails sites in central Auckland have just been released – signaling a long-term confidence in a return to the economic growth of the central city.

The substantial redevelopment in the heart of the city’s Queen Street will see the establishment of approx 60 retail outlets – all to be operated as freehold unit titles, and occupying a total lettable floor space of approximately 637 square metres.

The ground floor development at 370 Queen Street sits on the corner site of Queen and Airedale streets directly adjacent to a 10-storey commercial tower, and directly opposite Auckland Town Hall, in what was previously a Methodist church chapel.

All retail units range in size from four square metres through to 74 square metres, and range in price from $185,000 to $785,000. Some 13 of the units have street frontage directly onto Queen Street, with one fronting onto Airedale Street.

The development will be known as Queens Court, and is scheduled to open at the end of 2012. The Queens Court concept is being developed by private property developer Equity Growth Trust, part of the Conrad Properties Group.

Over the past eight years, Conrad Properties Group has been responsible for establishing most of Auckland’s biggest inner-city residential apartment blocks, including: The Eclipse, The Federal, Aura, Altitude, Volt, Zest Apartments, Stamford Apartments, The Harvard, and C-Vu. The company also developed The Soho residential complex in central Wellington.

In addition, Conrad Properties Group has built a substantial number of commercial units within the Volt, Altitude, Federal and Soho apartment blocks, and the stand-alone G Urban Workspace block in the Auckland suburb of Parnell.

Conrad Properties Group director Jamie Hutchens said that in planning for Queens Court, the company had taken a long-term view of New Zealand’s economic recovery, forecasting that the country’s retail sector would return to a healthier trading situation in the third quarter of 2011.

“This sets up the platform nicely for those businesses purchasing units within Queens Court and taking possession approximately a year later - when the economic recovery should by then be in full swing,” Mr Hutchens said.

“Our longer-term plan for the greater site includes the construction of a multi-storey 360 unit residential apartment block between Wakefield and Airedale Streets with direct access to Queens Court. However, building of this will only begin when the retail site has been completed and is operational.”

Retail units within the Queens Court project are being sold through Bayleys Real Estate. Bayleys commercial saleswoman Millie Liang expected most of the 60 retail shops would be occupied by low cost/high volume retailers – such as mobile phone accessories, small scale food outlets, clothing and fashion accessories, or computer and IT accessories.

Ms Liang said that addition to the retail shops, Queens Court would contain a 96-seat food market in a central atrium format. Up to 10 of the internal units on offer for sale within the development would be fitted out for foodservice operations to cater specifically for the food market customers.

“Queens Court is forecast to benefit from substantial foot traffic volumes – not only from Queen Street, but also from the neighbouring commercial tower where Auckland City Council leases nine floors of office space, with a language school leasing a further three floors,” Ms Liang said.

“With the immediate proximity to Auckland Town Hall, the Civic, and the Aotea Centre as well established entertainment venues, the food market amenity within Queens Court will substantially benefit from patrons partaking of a light dining experience either pre or post-show.”

“There is also an expectation that the high number of nearby apartment dwellers and student facilities within a 500 metre radius of Queens Court will also contribute to strong demand for the quick-service food and beverage amenities,” Ms Liang added.

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