Facelift puts property on high street

Substantial changes to a ‘high street’ property in Auckland City’s Central Business District will put a new signature on quality and elegance.

The Ranchhod Group of Companies, which recently acquired the Canterbury Arcade on 166-174 Queen Street, is converting the property into a shopper’s paradise with ample space for offices and other commercial entities.

The property has a vestibule leading to High Street, making a strategic connection to the Chancery and the adjacent commercial areas.

Mahesh Ranchhod, the Group’s Director, said the property has four inter-connected buildings including the Brunswick Building and Warwick Chambers.

He did not reveal the finances involved, but the value of the 5688.78 sq m space, perched on 1151 sq m plot in the country’s most prominent business district should be anybody’s guess.

The Arcade, which has undergone refurbishment at least thrice since its construction in 1906, has 20.2 m and 20.33 m frontages respectively to the east and west of Queen Street and High Street.

The property comprises a nine-storey and a four-storey building on Queen St; and a seven-storey and a five-storey building on High Street.

Mr Ranchhod said enhancement and embellishment work was reaching the final stage to make the Arcade the pride of the area.

“The buildings are being repainted and granite flooring is being installed, replacing the old tile floors in the arcade from High Street through to Queen Street.

“Restoration work includes erection of granite columns on the face of the buildings on both streets and classy new façade colours,” he told Indian Newslink.

He said purchase of a property of high value in the most valuable segment of the Auckland’s real estate market was one thing and giving it the type of finishing that would combine historic and modern values was quite another.

“The office floors will feature imported granite foyers to enhance the interior character space, well-lit by natural light flooding in from numerous windows opening onto both streets,” he said.

A graduate specialised in business and property studies of Massey University, Mr Ranchhod represents the dynamism, and financial acumen of the younger generation, with the fortitude, expertise and experience of his father Raman Ranchhod, revered as “a businessman with a vision and a mission.”

The latter, with long years of work and business in Wellington (he will mark his 60th year of migration to New Zealand from his native Gujarat in India next year), has sired the young man, giving him human and cultural values that have manifest in community and social responsibility, more of which will be in a later issue.

The younger Ranchhod has shown a passion for property, including acquisition, management, and redevelopment, which has been a source of inspiration for many of his peers in the industry.

Trans-Tasman Operations

His ability to combine practical knowledge with property theory has been a valuable attribute to the Group’s progress.

The Ranchhod Group commenced operations about eight years ago in the Australian property market and has offices in Sydney and Brisbane.

The Company bought a rundown, three-level Shopping Arcade in Brisbane a few years ago. Renamed, the ‘Ranchhod Arcade,’ the property, now completely renovated and refurbished, accounts for 28 tenants.

The purchase of the properties located on 95 and 492 Queen Street in Auckland City recently is already proving to be propitious. The former, located opposite the new BNZ Tower, is a four-level character building constructed around 1900. The property has two levels for offices and retailers with basement storage facility.

The other property (494 Queen Street), renamed ‘Ranchhod House,’ has multiple tenants including retail stores, bar and restaurant.

Mr Ranchhod said a block of seven units was coming up in Onehunga, providing a broader geographic spread.

The Ranchhod Group comprises New Zealand and Australian Companies and Trusts designed to invest in commercial properties and manage them on both sides of the Tasman, with a plan to go beyond and perhaps reach Europe and the US.