Auckland's cityscape is poised for a significant change with the recent approval of a major development near the CBD. The project, which includes a 40-storey tower, has been granted consent by the Auckland Council, paving the way for construction to begin later this year.
This approval comes at a crucial time for Auckland's property market, which has been experiencing steady growth over the past few years. The city's population is projected to continue growing, with an estimated 1.7 million people expected to call Auckland home by 2030. As a result, there is a pressing need for more housing, commercial, and retail space, particularly in areas close to the CBD. The new development will help address this demand, providing much-needed accommodation and amenities for residents and businesses.
The development, located on the corner of Queen Street and Victoria Street West, will feature a mix of residential apartments, office space, and retail units. The tower will be situated near several key landmarks, including the Sky Tower, the Auckland Art Gallery Toi o Tāmaki, and the University of Auckland's City Campus. The project will also incorporate a new public plaza, which will provide a vibrant community space for locals and visitors. Nearby neighbourhoods, such as Freemans Bay and Ponsonby, are expected to benefit from the increased foot traffic and amenities.
Development Details
According to the consent documents, the development will comprise 320 residential apartments, 10,000 square metres of office space, and 2,000 square metres of retail space. The project is expected to create over 1,000 jobs during the construction phase and a further 500 jobs once the development is complete. The construction cost is estimated to be around $500 million, with the project expected to be finished by 2029. As of June 2026, the average apartment price in the Auckland CBD is around $1.2 million, although prices for apartments in this development are expected to be higher due to the prime location and luxury amenities.
The approval of this development is a significant milestone for Auckland's urban growth strategy, which aims to create more compact, connected, and vibrant communities. The Auckland Council's Unitary Plan, which was adopted in 2016, provides a framework for managing the city's growth and development. The plan prioritises the creation of more housing and employment opportunities in areas close to the CBD, while also protecting the city's natural environment and heritage. With this development, Auckland is set to become an even more attractive destination for businesses, residents, and visitors, with a unique blend of urban amenities and natural beauty.
As the construction of this development gets underway, residents and businesses can expect some disruptions to traffic and pedestrian access in the area. However, the end result will be a transformed cityscape with new amenities, jobs, and opportunities. For those looking to invest in or rent property in the area, it's essential to stay up-to-date with the latest developments and plan accordingly. With the Auckland property market continuing to evolve, it's an exciting time for the city, and this new development is just the beginning.
