New Queen Street project in central city
A group of investors led by Greg Rathbun and well-known shareholder advocate Bruce Sheppard of Gilligan Sheppard have pooled their resources, expertise and vision with plans to revitalise one of Queen Street’s most visible corners in Auckland’s CBD.
Marketed by Millie Liang and James Chan of Bayleys Real Estate, the 42 retail shop Queen’s Lane development will transform the corner of Queen St and Mayoral Drive into a modern luxury shopping destination providing a magnet to more than 10,500 people who pass the property each weekday.
Complementing the 22 shops enjoying a total of approx 100 metres of prime street frontage, will be The Lane at Queen’s Lane, an international quality arcade with 20 luxurious shops featuring imported arabescato marble floors and macassar ebony walls.
Often described as the “ugly duckling” of Auckland’s 80’s façadism, the former Queens Head Tavern facade will make way for a revitalised retail frontage and a new Queen Street entry to the tower above.
The project supports Auckland Council’s initiatives to redevelop the Aotea Quarter into the city’s civic core, entertainment and cultural heart.
Planned to open in early 2013, the 42 shops can be secured on a 10 percent deposit and are being sold on a freehold unit title basis, with prices ranging from $195,000 to $835,000 - with projected rental returns of between seven and 10 percent when leased.
Westpac Banking Corporation has announced that it will provide finance to qualifying investors purchasing shops in the upmarket Queen’s Lane development.
A unique and important feature of each shop’s design is the inclusion of three phase power, water, drainage, grease trap, and ventilation/extractor ducting which will be installed during construction - providing long term flexibility for future owner/occupier or tenant use.
Retained for their expertise, Retail Consulting Group has been appointed building and body corporate managers, along with providing rental and outgoing projections.
In a Bayleys first, Queen’s Lane buyers are being offered a full management option of their retail unit. Bayleys Property Services will lease and manage the unit for purchasers on a long term basis - providing the professional property management services normally reserved for large building owners.
This gives investors who normally invest in syndicated property an opportunity to purchase a no hassle fully managed investment in a prime location professionally managed by Bayleys Property Services.
Considerable time has been spent evaluating design concepts, to ensure that once completed, Queen’s Lane provides a shopping experience that sets the benchmark for retailing in Auckland.
Reclad in white marble and back lit opaque glass panels, the building has been designed to stand the test of time for both investors and their tenants - drawing from the ever-increasing customer base of more than 60,000 university students, 24,000 apartments, numerous international educational facilities, the Town Hall, Q Theatre, Aotea Centre, Imax, Event Cinemas, the public library, apartment residents and visitors to Auckland.
Queen’s Lane carries on more than 100 years of proven value growth on Queen Street, New Zealand’s premier shopping street which continues to enjoy the highest occupancy and strong rental growth.
Auckland Council’s $100 million Aotea Quarter transformation plan has created a safe, modern family friendly environment with feature trees, new paving, seating, grassed terraces and ambient lighting.
Queen’s Lane is part of the evolution of Auckland into a vibrant and exciting international city.
(Pictures above: Before and after – the transformation the Queen’s Lane retail site in Auckland’s CBD.)