One of the largest retail properties on Queen Street - Auckland City’s Golden Mile, is up for sale. Housed in a landmark character building on the corner of Queen and Victoria Streets, the five-level, freehold strata title delivers 3700 square metres of floor space across a retail basement, a double-height ground floor and mezzanine with two full floors above. 

The property is 100% leased. It is anchored by iconic New Zealand department store brand Farmers, first established in 1909. Farmers is owned by the Australasian James Pascoe Group of companies and has 59 stores nationwide.

Marketing agent Henry Thompson of Whillans Realty Group says the property is returning a net annual rental of NZD $2.7 million with annual inflation indexed rent reviews to over 80% of the income.

Thompson adds that in a period of high global inflation, properties with CPI-linked rent reviews are highly sought-after. 

The five-level strata title is being sold by tender with tenders closing on November 29.

It’s location on Queen Street’s second busiest pedestrian intersection is only going to get busier with the opening of the Aotea underground train station just 150 metres away in 2024.

The Aotea Station is part of the largest infrastructure project ever undertaken in New Zealand, with a total cost of $4.4 billion. 

The City Rail Link (CRL) will double the capacity of Auckland’s rail network by linking Britomart Station with Mt Eden Station, effectively halving commuting times for people travelling between the CBD and Auckland’s western suburbs. 

Featuring two station entrances connected by a 300 metre long underground platform, one on Victoria Street and one on Wellesley Street, Aotea Station is shifting the CBDs centre of gravity towards the intersection of Victoria and Queen Street. 

In anticipation of Aotea Station’s opening, major international retail brands, including: Nike, Mecca and Footlocker have all opened new flagship stores nearby. And there are already a large number of projects underway in the immediate vicinity. These include the New Zealand International Convention Centre, and several office hotel and apartment towers. 

Malaysian Resources Corporation Berhad (MRCB) has paid $40 million for a 125 pre-paid ground lease above the Aotea train station development, committing to building a $452 million, 21-level, mixed use tower once the station is complete.

Thompson adds that the Farmers department store building will prove attractive to international investors amidst this growth surrounding it.

“Not only is it an attractive character building on a prime, high profile corner site in the city, but it also has inflation indexed rental growth and long-term potential to add value by subdividing and repurposing the unit into a mix of character retail, office and residential suites,” he says.

“International retailers also looking for space want corner sites, character features, high stud space and multiple levels for their flagship stores. Unit A, 210 Queen Street has all of these.”

For more information contact the agent via the contact form below.