An opportunity to acquire one of the most substantial landholdings at the centre of New Zealand’s largest city has emerged, with the landmark offering poised to benefit from major infrastructure investment, a global flight to safe haven assets, and rising demand for residential and commercial accommodation in education-rich precincts.

Bayleys Asian Markets commercial sales specialist Owen Ding is marketing the freehold 4,234sqm (more or less) site at 450 Queen Street for sale by international tender, closing at 4:00 pm on Thursday, 28th August 2025 (unless sold prior), alongside colleagues James Chan and Matt Lee.

“Surpassed only in scale by Commercial Bay, the significant property commands a prominent triple-frontage site on Queen, Waverley, and Turner Streets. It’s just 10 minutes on foot from the nearest City Rail Link (CRL) station, four minutes to Auckland University of Technology (AUT), 15 minutes to the University of Auckland (UoA) campus, and with easy reach of major motorway connections.

Ding says the property is the largest Queen Street site to come to market in recent history, offering scale that is rarely seen in the CBD, with outstanding connectivity to key infrastructure, and flexible zoning that supports diverse redevelopment opportunities.

“From Build-to-Rent (BTR) and student accommodation, to education, healthcare, or a commercial and mixed-use project, the property presents a flexible and future-focused opportunity for experienced developers, institutions and add-value investors.”

The site comprises two buildings with a total 9,707sqm (more or less) of net lettable area and 173 on-site car parks, generating holding income of circa $887,818 pa plus GST.

Ding says that several vacant tenancies create further upside potential through re-leasing or repositioning in the short term, while the maximum allowable floor area ratio of 8:1 under Business – City Centre zoning supports intensive future development.

“While current zoning designations allow for development up to 50m vertically, an active Plan Change 78 could see this extended to 72.5m, adding another layer of long-term value and flexibility for large-format and high-rise development. This is strengthened by the government’s recent mandate to upzone areas proximate to rapid transport hubs.

“From every angle, this asset delivers on the fundamentals that sophisticated property investors prioritise, including strong land value, value-add potential, long-term zoning certainty, and proximity to infrastructure and education. It’s a rare mix of scale and security in the heart of Auckland.”

Proximity to Te Waihorotiu (Aotea-Midtown) and the Karanga-a-Hape (Uptown) CRL stations – part of New Zealand’s largest ever transport investment – places it within walking distance of rapid rail links to the broader region, unlocking access to workforce talent, student flows and future urban intensification.

Bayleys Asian Markets national director, James Chan, says that with billions of dollars being invested in the immediate area, including hotels, education campuses, data centres, and mixed-use towers, 450 Queen Street sits at the epicentre of the city’s evolution.

“Global investors are increasingly looking to stable, well-located assets in growth markets with a strong rule of law, long-term demographic demand, and the potential to leverage evolving infrastructure. This property sits at the intersection of all three in New Zealand’s most productive metropolitan area – a truly strategic investment from any angle,” he says.