Occupying Queen Street’s second largest landholding, behind only Commercial Bay, and significantly under-developed 450 Queen Street presents as a considerable development or value-add opportunity, underpinned by an exceptional 4,234sqm landholding.
The asset enjoys a strategic location with three road frontages, situated within 500m of the University of Auckland, Auckland University of Technology, City Rail Link stations and zoned for Auckland Boys and Girls Grammar. Accordingly, from a development perspective Student Accommodation, Build to Rent or Build to Sell all represent viable future opportunities, with the site zoned with an 8:1 Maximum Floor Area Ratio.
Present improvements comprise 9,490sqm of lettable area and 173 car parks, currently generating a holding income of $949,378 per annum plus GST and outgoings. The improvements offer value-add and conversion potential to reposition the asset into a diverse number of potential alternative uses.
450 Queen Street is offered for sale by way of an International Expressions of Interest campaign closing Thursday 14th March 2024 at 4:00 NZST (unless sold prior).
For more information or to arrange an inspection, please contact our agents below:
Warren Hutt
+64 27 562 2244
Brad Ross
+64 204 532 720