Leasing phase begins at new CBD retail complex

Leasing phase begins at new CBD retail complex

Bayleys has begun the leasing phase of the Queens Court retail complex which consists of 61 freehold strata title shops developed by a Conrad Properties Group company. The recently settled development is one of the newest and biggest multi-tenancy retails sites in central Auckland.

The Queens Court development opposite the Town Hall in the heart of the city’s Queen Street has seen the construction and sell down of 61 retail outlets as freehold unit titles. Some 58 of the units have been sold, with discussions on-going for the purchase of the remaining three.

The retail units range in size from four square metres through to 202 square metres, and were sold for prices ranging from $185,000 to $1.025million. Commercial owner/occupier tenants currently moving into the seven-day-a-week mini-mall include a jewelry store, hair and beauty salon, computer retailer and gift shop.

Meanwhile, sites within the foodcourt in the centre of the development have been purchased by a sushi retailer, dumpling kitchen, and Indian convenience food outlet.

The ground floor development at 368 Queen Street sits on the corner site of Queen and Airedale streets directly adjacent to a 10-storey commercial tower, in what was previously a Methodist church chapel. The Queens Court concept has been developed by private property developer Equity Growth Trust, part of the Conrad Properties Group.

With the sell-down of units now virtually complete, the leasing phase of the development is kicking in through Bayleys Real Estate commercial saleswoman Millie Liang. Many have already been leased – with tenants scheduled to move in within the coming months.

Indicative leases range from $2500 + GST per square metre for an internal facing arcade premises, up to $4500 + GST per square metre for a Queen Street frontage on a three year lease. Ms Liang expected that leasing activity would now build momentum as other tenants began trading.

“It is typical in leasing any new space that potential retail tenants wait and see who else is coming in around them so they can either spot a gap in the market, or formulate their operations strategies to go into direct competition,” Ms Liang said.

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