Two of the properties are tenanted and have long-term leases, including one that has two income streams. The other two are being sold with vacant possession.
Liang says the 396 Queen St retail centre was designed as a modern shopping destination and is a magnet to more than 10,500 people walking past every day.
"All 24 shops within the complex were designed by award-winning Stephenson & Turner Architects as part of a multimillion-dollar upper Queen St revitalisation," Liang says.
The properties are:
Shop 5 is a 57sq m ground floor property on Queen St tenanted by a convenience store on a 12-year lease and generating annual rent of $80,000.
Shop 9 is on Queen St and for sale by vacant possession. "Shop 9 has a generous high ceiling and a character mezzanine level that would provide plenty of options for a designer retail outlet," Liang says.
Shop 17 is on Mayoral Drive next to AUT and would suit a food operator, boutique fashion retailer or health professional.
Lot 5, a freehold title, is tenanted to Primo Nightclub, one of New Zealand's most successful and longstanding Asian-focused clubs, with a 104sq m entry at Airedale St leading to a main club area of 692sq m.
Liang says the tenant pays rent of $95,000. "However, based on current market rentals it is being considerably under-rented. Indications are, there could be a future retail upside for a new owner."
Lot 5 also has a 20sq m tenancy comprising a Mayoral Drive ground floor shop leased to a French coffee business for $25,000 a year. There are no body corporate fees.
A feature of the exterior of the 396 Queen St retail centre is its rejuvenated historical facade of white marble and glass panels.
"Each shop is fully serviced with power and gas, painted walls and ceilings and marble flooring, ready to be used by a retailer," Liang says.
This area of the central city is flourishing from customers drawn to the growing entertainment and retail offerings. Surrounding the retail centre are the Auckland Town Hall, Aotea Square, Q Theatre, The Edge Convention Centre, Event Cinema Complex, Imax, Auckland University, Auckland University of Technology, council offices, international tertiary institutes, hotels, student accommodation and serviced apartments.
Auckland City has spent $100 million upgrading the area in recent years. An increase in workers, tourists and pedestrians in the CBD is expected to continue to grow, underpinned by projected city growth to two million residents in the next 10 years.
"This an opportunity to secure an investment property in a prime parcel of commercial real estate in the heart of one of the busiest educational and residential precincts in New Zealand.
What's on offer
The properties: Four CBD retail properties.
Location: 396 Queen St.
Agency: Bayleys Auckland.
Sales method: Auction October 22
Features:
• High profile corner of Queen St and Mayoral Drive.
• Located within big retail centre.
• In area of heavy foot traffic.
• Ideal entry-level commercial units.
• Suited to owner-occupiers or investors.
