Queen's Lane, a 42-shop inner-city development, is destined to replace the well-known former Queens Head Tavern facade at the corner of Queen St and Mayoral Drive and transform the site into a modern, luxury shopping destination.
Complementing 18 shops, with about 100m 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.
In addition to being replaced by a new retail frontage, the former Queens Head Tavern facade, will also make way for a new Queen St entry to the tower building above it.
The retail outlets in the development are being marketed for sale by Millie Liang and James Chan of Bayleys Auckland office and, in a Bayleys first, Queen's Lane buyers are being offered a full management option for their purchased 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," Liang says. "This will give 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."
Queen's Lane is set to open in early 2013 and the 42 shops can be secured on a 10 per cent deposit. They are being sold on a "freehold" unit title basis with prices ranging from $195,000 to $835,000, with projected rental returns of between 7 and 10 per cent when leased.
Liang says the Westpac Banking Corporation will provide finance to qualifying investors purchasing shops in the development.
She says the CBD redevelopment is the creation of a group of investors led by Greg Rathbun and Bruce Sheppard, a well-known shareholder advocate, of Gilligan Sheppard.
"They have pooled their resources, expertise and vision with plans to revitalise one of Queen St's most visible corners and to provide a magnet to over 10,500 people passing the property every week day," Liang says. Retail Consulting Group has been appointed as the building and body corp manager.
Liang says the project supports Auckland Council's initiatives to redevelop the Aotea Quarter into the city's civic core and cultural heart.
Chan says an 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. "Considerable time has been spent evaluating design concepts, to ensure Queen's Lane, will provide a shopping experience that sets the benchmark for retailing in Auckland," Chan says.
Reclad in white marble and back-lit opaque glass panels, the building has been designed to stand the test of time for investors and their tenants drawing from an ever-increasing customer base of more than 60,000 university students, 24,000 apartments and numerous nearby international educational facilities.
"Queen's Lane carries on over 100 years of proven value growth on Queen St as New Zealand's premier shopping street which continues to have the highest occupancy rates and strong rental growth," Chan says.
"The project will also benefit from Auckland Council's $100 million Aotea Quarter transformation plan that has created a safe, modern, family friendly environment, enhanced by trees, shrubs, grassed terraces, seating, new paving and ambient lighting.
"Queen's Lane will be part of the evolution of Auckland into a vibrant and exciting international city."
An artist's impression of the Queen's Lane development. Photo / Supplied
Queen's Lane, a 42-shop inner-city development, is destined to replace the well-known former Queens Head Tavern facade at the corner of Queen St and Mayoral Drive and transform the site into a modern, luxury shopping destination.
Complementing 18 shops, with about 100m of prime street frontage, will be The Lane
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