Lambton Quay space still commands big bucks

Last updated 08:31 27/11/2012
HIGH RISE: Owners of older buildings in Lambton Quay face expensive insurance premiums as a result of earthquake risk.
ROSS GIBLIN/Fairfax NZ

TOP DOLLAR: Many shops pay between $200,000 to $300,000 a year for space on Lambton Quay.

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Retailers are still willing to pay big money for shops in Lambton Quay, with many shops paying between $200,000 to $300,000 a year for space on the city's most lucrative strip.

Demand for quality space was continuing to come from national and international retailers, said CBRE leasing agent Jim Wanna who has recently signed a string of deals in the Quay.

He said Pandora Jewellery was opening a new store in the former Bling premises at 332 Lambton Quay, Telecom had signed a seven- year lease on the former Bags of Difference site in the Capital on the Quay at 256 Lambton Quay and Blue Illusions fashion beat three other bids for the former Overland store at 226 Lambton Quay.

There had also been a lot of interest in the redeveloped Lambton Square Eatery and retail centre at 174 Lambton Quay where all but two of 24 shops have now been leased. One of the new tenants is Australian-owned Mad Mex food franchise.

Wanna also reported excellent interest in the 10 new retail tenancies being offered in the Willis Bond redevelopment of Grant Thornton House (the former ANZ Tower) at 174 Lambton Quay.

The ANZ will be moving its banking chamber to the former Esprit shop premises on the northern corner of the building to make way for the revamp and Esprit will be moving to 75 Willis St.

Rents on the Quay remained strong with retailers paying annual rents of $1700 to $3000 per square metre to display their wares, said Wanna.

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- The Dominion Post

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