Prime Queen Street building on market

Prime Queen Street building on market

A multi-storey commercial building being billed as ‘simply the best retail building for sale in New Zealand’ has just been listed on the market.

Conexa House, an elegant character building, is a grand six-storey mixed use building on Auckland’s golden mile. The building is situated in ‘Queen Street Valley’, the precinct around the Queen Street Downtown corridor and the focus for the most intensive retail activities in the city’s central business district.

Sole agent Grant Hargrave from Barfoot and Thompson says Conexa House’s prime selling point is that 66% of its income of $1.876 million comes from its ground floor retail tenants yet the building also offers three levels of office accommodation and two upper levels of residential apartments.

“Another major advantage is that this building is situated in the core of the CBD - on the western side of Queen Street, approximately 75 metres south of the intersection of Queen Street and Customs Street. Because of its locality, within the main retail strip of lower Queen Street, Conexa House experiences a large amount of pedestrian traffic throughout the day.”

Grant Hargrave says because of its location this building is simply the best retail building for sale in Auckland today. “Being centrally located towards the northern end of the CBD, close to the main public transport interchanges of the Britomart train station, Downtown bus terminal and Quay Street ferries is a significant benefit. Also, there are very few places in New Zealand where retailers can claim continuing growth in both pedestrian and traffic count outside their buildings but this would be one. Growth in rail, ferry and cruise facilities have seen the pedestrian count for this area grow by 10% annually and the traffic count for the area is steadily increasing.”

When constructed around 1915 the building was originally known as the Winstone building and has undergone a number of name changes over time. While Conex House at 75 Queen Street is classified as a Category B Heritage Building under the District Plan which protects its attractive façade, the interior is not protected so this can be updated as required and the building has recently undergone several refurbishments.

Conexa House is surrounded by several high profile banks and a mixture of medium to high-rise buildings with ground level retail and office and some residential accommodation. A number of international brand tenants have located close by including Louis Vuitton, Gucci and Oakley. Significant office developments in the immediate vicinity include the new Deloitte Centre at 80 Queen Street completed towards the end of 2009 - the first 5 star green-rated building in the CBD. Also, AMP Office Trust has upgraded and refurbished nearby Downtown House at 21 Queen Street.

Conexa House is being sold by an Expression of Interest programme closing on 28 April.

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