Calling Auckland

PUBLISHED : Wednesday, 18 November, 2009, 12:00am
UPDATED : Wednesday, 18 November, 2009, 12:00am

If Dominic Ong was a betting man, he would wager that the prime commercial building at 350 Queen Street, Auckland, will soon be in foreign ownership. More than likely, the buyer will be from Asia.

Malaysian-born Ong, director of CB Richard Ellis New Zealand's private client group, is dealing with mostly Asia-based enquiries for the high-profile corner property, where ground-floor retailers benefit from some of the highest pedestrian traffic counts in the area.

Ong says properties rarely become available along this coveted street. He adds that Asian investors, having gone through their own financial crisis years before the global events of this past year, are cashed-up, ready and willing to spend on high-yield commercial properties in stable markets such as Auckland city.

The building is for sale by international tender, closing tomorrow.