CBD development will offer broader mix of retailers

By TOM CLARKE

A trend towards "off-Queen St" development is rapidly returning the Auckland CBD into a dynamic retailing area, says retail property specialist, Peter Gorton.

He points to the redevelopment of Chancery Square in High St as a "significant catalyst" for the ongoing reshaping of retailing in the central city.

Mr Gorton, who has a background in finance and management, has joined property services company, Colliers Jardine, as a specialist retail broker.

Most of the 35 new shops have just opened on the square opposite the Somerset Grand Metropolis Hotel as part of a $60 million project. The square's redevelopment is changing what was "pretty boring," he says. "It has an exciting retail mix and it offers some dynamism to central city retailing."

The development of High St's retailing kicked off with small designer retailers and cafes, and he believes further development will bring more pedestrians and more interest in the CBD as a shopping precinct.

"It will offer a broader mix of retailers which, in the past, was available only in Broadway. I think it'll provide some competition to Newmarket," he says. "A lot of the retailers now going into the central city you might have historically only found somewhere like Newmarket - and I think the competition will be healthy."

While Queen St will always have the highest pedestrian count, he believes the Chancery development and High St, with their small specialty retail options, will create more interest in off-Queen Street shopping.

But, will such a trend add to the oft-quoted claim that the city is over-retailed? "Definitely not in the CBD," he says.

"There's always going to be some realignment and, yes, there will be pressure on some smaller suburban shopping areas, but they will, in turn, become more focused on meeting the needs of their immediate local area by being more convenient."

Mr Gorton has a bachelor of business studies from Massey University and has a background in commercial property finance and property management. Since recently selling his business providing security for large-scale commercial and retail properties, he has undertaken IT-focused project management work.