Prime sites are a magnet for passers-by
Queen St outside 396 Queen St is a high foot traffic area.
Four Auckland city retail investment properties in one of the highest levels of foot traffic in New Zealand at the corner of Queen St and Mayoral Drive are to be auctioned later this month.
Shops 5, 9, 17 and a freehold title, are within a large retail complex in a high profile location at 396 Queen Street.
The four are being marketed by Bayleys salesperson Millie Liang and will be sold by auction on October 22.
“These are ideal entry level investments for both owner occupiers and savvy investors looking to secure a highly lettable piece of commercial real estate in the central city,” Liang says.
Two of the properties are tenanted and have long term leases - including one which has two income streams. The other two are being sold with vacant possession.
Liang says the 396 Queen St retail complex containing the four properties was carefully designed as a modern shopping destination and is “a magnet” to more than 10,500 people walking past every day.
"All 24 shops within the complex were designed by award winning Stephenson & Turner Architects as part of a multimillion dollar upper Queen Street revitalisation,” Liang says.
The four properties are:
- Shop 5 - a 57 sq m ground floor property on Queen St tenanted by a convenience store on a 12 year lease and generating annual net rental of $80,000.
- Shop 9 - on Queen St within the retail complex and for sale by vacant possession. “Shop 9 has a generous high ceiling and a character mezzanine level that would provide plenty of options for a designer retail outlet,” Liang says.
- Shop 17 – on Mayoral Drive next to AUT and close to the University of Auckland which would suit a food operator, boutique fashion retailer or a health related professional.
- Lot 5, a freehold title – that is to be sold as a tenanted investment with two separate income streams. The property is tenanted to Primo Nightclub, one of New Zealand’s most successful and long standing Asian focused clubs, with a 104 sq m entry at Airedale St leading to a main club area of 692 sq m. Liang says the tenant is currently paying a rental of $95,000. “However, based on current market rentals it is being considerably under rented. Indications are, there could be a future retail upside for a new owner.” Lot 5 also has another 20 sq m tenancy comprising a Mayoral Drive ground floor shop leased to a French coffee business for $25,000 per annum. “Lot 5 is a fee simple property and therefore has no body corporate fees,” Liang says.
A feature of the exterior of the 396 Queen St retail complex is its rejuvenated historical façade employing white marble and glass panels to create a sophisticated street frontage.
“Each shop is fully serviced with power and gas, painted walls and ceilings and marble flooring, ready to be used by a retailer,” Liang says.
This area of the central city is flourishing from customers drawn to the growing entertainment and retail offerings. Surrounding the retail complex is the Auckland Town Hall, Aotea Square, Q Theatre, The Edge Convention Centre, Event Cinema Complex, Imax, Auckland University, Auckland University of Technology, Council Offices, numerous international tertiary institutes, hotels, student accommodation and serviced apartment complexes.
Auckland City has spent more than $100 million upgrading the area in recent years. An increase in workers, tourists and pedestrians in the CBD are expected to continue to grow underpinned by projected city growth to two million residents in the next 10 years.
"This is an opportunity to secure an investment property in a prime parcel of commercial real estate in the heart of one of the busiest educational and residential precincts in New Zealand.”
What’s on offer?
The properties: 4 CBD retail properties.
Location: 396 Queen St.
Agency: Bayleys Auckland.
Sales method: Auction October 22.
- High profile corner of Queen St and Mayor Drive.
- Located within big retail complex.
- In area of heavy foot traffic.
- Ideal entry level commercial units.
- Suited to owners occupiers or investors