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The Queen Street Markets complex, which houses over 80 retail shops and a food court inside the old Mid City cinema complex at 239 Queen St, has been placed on the market for sale through Colliers International.

The freehold property, which is one of the biggest multi-tenancy sites in central Auckland, is being marketed by Andrew Hiskens and John Davies by deadline private treaty closing on November 1.

The property offers projected net rental income of $1.1m. Zoning gives the potential to increase the building’s floor area significantly, through constructing extra floors on top of the existing structure, Hiskens says.

“This is an excellent opportunity for an investor with an appreciation for the potential to add value to this property, through maximising the income from the markets and foodcourt and potentially extending the building upwards in the future.”

It is proposed that the property is managed by Colliers International’s real estate management division, eliminating the need for the new owner to manage the multiple occupiers. A single lease is in place covering the markets and foodcourt, Hiskens says.

“The markets have proved very popular among customers since opening earlier this year and they benefit from a location right in the middle of central Queen Street, with its high pedestrian count and multi-cultural customer base.”

Property

The markets and international food court are situated across 2668m2 of floor area on levels three and four of the building. The conversion of the cinema complex to the new markets was managed by Platinum Project Management Ltd and carried out by Watts and Hughes Construction.

The project resulted in the removal of all existing partitions and cinema structure to provide two floors of open market space with partitioning for tenancies ranging in size from 13m2 to 100m2 and ranging in rent from $300 to $1500 a week.

The retail units have proved popular among retailers and now offer a range of gifts, accessories, fashion and food, Hiskens says.

“It has been extremely well taken up as an affordable location for small retailers with low risk, flexible-term tenancies available starting at six months.”

Location

The property benefits from a high pedestrian count, being located in one of the busiest sections of Queen Street, says Hiskens. “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 inner city apartments and the 85,000-plus people who work in the CBD every day.”

Public transport is also in close proximity, with 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 parking buildings, with further parking on Elliot St.

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