Queen Street office building sold to Conrad through Savills

Conrad Properties Group has purchased an office tower at 369 Queen St, Auckland for $17.5m, in a deal negotiated by Savills Associate Director John Jefferson. The 8 level building was acquired off-market from global asset management firm Phoenix International Investments. The sale is the second office building sold by Savills to Conrad in the past six months, following the sale of the GroupM office building on 22 Fanshawe St in June 2018.

Conrad has obtained resource consent to convert the building and add 4 floors to contain 111 high-end strata-titled apartments. Conrad has already presold over 70% of the apartments, named Queens Park Residences and anticipates works beginning in the second quarter of next year.

The building, constructed around 1980, has 7,340sq m of floor area in 8 office floors, ground-floor retail & basement levels. It sits on a 1,037sq m site opposite Whitireia Polytechnic and next to a Quest apartment building.

Mr Jefferson said the building presented an excellent opportunity, with its Queen St address & location near central Auckland’s educational & entertainment precinct: “The building is right next to Myers Park and provides a fantastic outlook over the park & cityscape. It is a great spot for a new residential development in the city, with the upcoming Aotea Station, Town Hall & universities all nearby, alongside the restaurants & bars of the theatre district.”

He said redeveloping office buildings for residential use had proven to be a winning formula around the Auckland CBD and in other cities around the world: “Developers are meeting the demand for inner-city living, while at the same time breathing new life into older buildings and adding benefits to the immediate surroundings”.

Conrad Properties Group, which is New Zealand’s largest apartment developer, has an extensive development portfolio across Auckland. Among its current and upcoming projects are The Vincent at 106 Vincent St, Union & Co at 15-17 Union St, Queens Square at 438 Queen St, Victoria Residences at 75 Victoria St West and Park Residences at 35 Albert St. 

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