Construction of the tower is expected to begin in the third quarter of 2014 with completion expected at the end of 2016. The retail and food court operations and residential apartments will all be available for occupancy and tenancy simultaneously, ensuring an instant customer base.
The 14 shops will have street frontage to both Albert and Swanson Streets and feature a 4m-high internal stud, polished concrete floors, and space for illuminated signage. The units are also being sold freehold and will range in size from 10sq m to 50sqm with prices starting at $445,000.
The freehold units within the Park Residences food court will range from 18sq m to 28sq m and will be priced from $435,000. There will be 17 units on the ground floor, with two on the upper mezzanine floor containing outdoor seating overlooking St Patrick's Square.
All the retail and food court units within Park Residences are being sold by Millie Liang, inner-city commercial sales and leasing specialist for Bayleys Real Estate.
Liang says the Auckland Unitary Plan unveiled for consultation this year had underscored Conrad's development strategy for combining retail and food service premises within apartment dwellings in the heart of the city.
"Food court tenancies will be selected on a complementary basis to encompass a broad range of ethnic culinary styles," she says. "These will include Chinese, Indian, Italian, Japanese, Korean, Thai, Malaysian, and Middle Eastern eateries."
In an aim to create a boutique and high-end feel to the food court, only standalone operators will be offered space within Park Residences.
"The evolution of CBD food courts in Auckland over the past decade has been supported by their split marketing appeal," Liang says. "In daylight hours they are patronised by a nine-to-five worker client base from the surrounding offices, and at nights and on weekends they are supported by residents living in adjacent apartment complexes.
"Kitchen space in some of the smaller apartment blocks around town is rather confined, and occupants therefore like to eat out as an alternative. With a high percentage of Asian residents and tertiary students living in apartments, their culinary preferences automatically define the product offering of operators within central city food courts.
"With the convenience of the St Patrick's Square park at the rear of the food court, there is a high expectation that there will be a considerable uptake of takeaway lunches during the day, with customers attracted to the grassed and shaded areas outside. Obviously, the food court interior will come into its element during winter when the same customer base will most likely choose to eat under cover.
Liang says the adjoining retail sites within Park Residences will suit low margin and high volume operations as well as service outlets such as health and beauty practitioners or small consultancy-based businesses.
"Albert St has a high foot traffic count from office workers within an immediate 500m radius, and is also the main route for Birkenhead Transport buses heading to the North Shore," she says.
