Queen St building for sale
PA Auckland A 10-storey building on a compact site in Queen Street Auckland, will be auctioned later this month in a rare sale on New Zealand’s most expensive strip of real estate. The Royal Insurance building will be auctioned on October 29 and has attracted much interest among property investors. The 290 sq m site alone could be worth up to $5.8 million, although because of its relatively small size it is unlikely to fetch the Valuation Department’s Queen Street average of $20,000 a square metre. The site was originally sold by the .Crown to an Auckland businessman for £172 in 1851. Royal Insurance bought the site and two-storey building on it in 1930 before building the 10-storey tower in 1970.
The national agency manager of Royal Insurance, Mr Jack Sprosen, said the company was moving its head office from Wellington to Auckland and needed a bigger building.
He said it would move late next year into a new building.
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Press, 7 October 1987, Page 15
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165Queen St building for sale Press, 7 October 1987, Page 15
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