The Queen Street Markets area, housing 80 retail shops and a foodcourt inside the old Mid City cinema building at 239 Queen St, is being marketed as a retail property with potential to add more floors.
The freehold property, one of the biggest multi-tenanted sites in central Auckland, is being marketed by Andrew Hiskens and John Davies of Colliers International. It will be by deadline private treaty closing on November 1.
Hiskens says that the projected annual net rental income of the property is $1.1 million with zoning permitting an increase in the building's floor area through the construction of extra floors on top of the existing structure.
"This is an excellent opportunity for an investor who appreciates the possibilities of adding value to this property by maximising the income from the markets and foodcourt and by extending the building upwards in the future," says Hiskens.
"It is proposed the real estate management division of Colliers International manages the property - eliminating the need for the new owner to manage the multiple occupiers - therefore a single lease is in place covering the markets and foodcourt."
Davies says the markets have proved very popular with customers since opening earlier this year.
"They benefit from a location right in the middle of central Queen St, with its high pedestrian count and multicultural customer base."
The markets and international foodcourt are situated across 2668sq m of floor area on levels three and four.
The conversion of the cinemas to the new markets was managed by Platinum Project Management and carried out by Watts and Hughes Construction.
The project required the removal of all existing partitions and cinema structure to provide two floors of open market space with partitioning for tenancies varying in size from 13sq m to 100sq m and rents ranging from $300 to $1500 a week.
Retailers now offer a selection of gifts, accessories, fashion and food.
"It has been taken up extremely well as an affordable location for small retailers with low-risk, flexible-term tenancies available, starting at six months," Davies says.
Hiskens says the property benefits from a high pedestrian count, being located in one of the busiest sections of Queen St.
"The markets are accessed from both Queen St and Elliot St via the Mid City Arcade.
"In addition, the location is easily accessible to the residents of the more than 27,000 innercity apartments and the 85,000-plus people who work in the CBD every day."
Public transport is close by with several bus stops on Queen St and the Britomart transport hub a short walk away.
Car parking is available at the Civic and Atrium on Elliot buildings, with further parking on Elliot St.By Colin Taylor Email Colin