Property has been a hallmark of longevity for 144-year-old Auckland retail business Smith & Caughey’s which today announced it would be closing next year . All up, the retailer’s two Auckland stores are valued at $53.5 million but what the future holds for buildings on the sites is uncertain.
A family company incorporated 124 years ago owns the flagship Queen St building where the retailer has its “Grande Dame” headquarters, selling cosmetics and men’s fashion on the ground floor, women’s fashion on the first floor and furnishings, kitchenware and its Bite Cafe on the top floor or second floor. The entity which owns that distinct building is Smith & Caughey which Companies Office records show was incorporated on December 13, 1900. Still today, it is that company which owns 253 Queen St in the heart of the golden mile, title records show.
Auckland Council rates information show 253-260 Queen St is valued at $40 million. It has a footprint of 2946sq m but a floor area of more than one hectare: the multi-level retail hub with 13,239sq m which runs from Queen St backing onto Elliott St behind with entrances off footpaths on either side. Annual rates on that title alone are $256,000/year, the council data shows.
In Newmarket, Smith & Caughey’s trades from the heart of that suburb at a site near the end of Remuera Rd: the distinctive premises at 225 Broadway. And again, 225 Broadway is owned by that same old company - Smith & Caughey Ltd. Council records show 219-225 .
