Queen St landmark gets 56 apartments
Wednesday 18 February 2004
The upper levels of Auckland's historic Whitcoulls building on Queen St are to be converted into apartments.
By The LandlordGreg Wilkinson, of Wilkinson Property Group in Auckland, said one of his companies bought the building from W. H. Smith in August last year for $15.5 million.
Its upper levels had been empty for many years, he said.
"The building lends itself to apartments as opposed to office space due to its historic features and its central location.
"Demand for apartments is going to come back to fundamentals and the quality of the real estate."
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.