Article
Business Insights | Reviving city streets with well-planned building refurbishments
In June this year, the green doors of the heritage QBE Centre frontage at 125 Queen Street opened to the street for the first time in almost five years. Behind them, the former dining precinct space is now the head office of Kernel, one of New Zealand's fastest-growing fintech businesses.
August 3, 2026
Media Contact
Dan Scott
Marketing and Pitch Director, New Zealand
The site was once home to the original Bank of New Zealand headquarters and its Category 1 heritage facade is one of the most recognisable on Queen Street.
The project for Kernel, designed and built by Catalyst Group, is an example of how a well-executed refurbishment can activate more than just the building—helping to inject new life into the surrounding streetscape.
Josh Holmberg, CBRE Placemaking Manager within the company’s property management division, said the revitalised ground floor space is already making a positive contribution to the streets around it.
“A good refurbishment of a commercial space does more than upgrade the building it is located in. 125 Queen Street is a great example of what happens when you open a space back up to the street—it can lift the whole area around it with renewed activity and life.”
Commercial design and build consultants, Catalyst, collaborated with Kernel to design and build their new headquarters in association with project managers, Cedar Tree Consultants. The former foodcourt space showcases raw materials such as timber and concrete, combined with brushed metals and expansive glazing.
The building’s original features have been retained and carefully restored, resulting in a sophisticated, timeless space that is in keeping with the building’s history. The result is a workspace that is purposeful, enduring and representative of Kernel’s identity, supporting its culture and inspiring collaboration.
Kernel has grown quickly and now manages more than $4 billion for Kiwis around the country. The office move was about creating space for what comes next, said founder and chief executive Dean Anderson.
“What drew us to this location is the contrast—a modern, technology-driven investment business inside one of the country’s most historic financial buildings. It feels really meaningful to build the future of wealth in a place that helped shape its past,” he said.
“With Catalyst we have designed more than just an office for our team. It’s a space where we can bring the wider community together, to help more New Zealanders understand, build and enjoy their wealth.”
The refurbishment of Kernel’s ground floor space tops off a turnaround in the CBRE-managed building’s occupancy, which has risen from around 40% to more than 80% over the past two years.
The renewed activity at its frontages is feeding into Swanson Street, which links Queen and Albert Streets, said Holmberg.
“The refurbishment kicks off street level activation which will help reignite Swanson Street, adding more foot traffic to the thoroughfare and contributing to the vibrancy of downtown.”
Further up Swanson Street, the ANZ Centre refurbishment has also helped transform the lane, replacing an under-used through-site path with a public pavilion and opening its ground floor lobby onto the street.
More recently, Spark moved around 1,800 staff into its new headquarters at 50 Albert Street, on a block that also runs through to Swanson Street. Between them, these projects have brought renewed pedestrian volumes into the blocks between Albert and Queen.
“We’re now seeing a precinct knitting back together as each of these projects has pulled people onto the streets and lanes, resulting in pedestrian routes that feel active rather than empty,” Holmberg said.
The trend is not limited to office towers. Heritage retail space is also being refreshed around downtown, notably the 1929 Queens Arcade at 34-40 Queen Street. The $5m refurbishment of the arcade will result in a luxury retail and wellness destination. It is one of several arcades and street level spaces along Queen Street being refurbished as the offices around them fill up.
“Offices bring people into the city during the day, but it is the retail, hospitality and heritage spaces around them that give reasons to linger. As more street-fronting spaces are revitalised, you start to build a precinct that people actually want to spend time in.”
The project for Kernel, designed and built by Catalyst Group, is an example of how a well-executed refurbishment can activate more than just the building—helping to inject new life into the surrounding streetscape.
Josh Holmberg, CBRE Placemaking Manager within the company’s property management division, said the revitalised ground floor space is already making a positive contribution to the streets around it.
“A good refurbishment of a commercial space does more than upgrade the building it is located in. 125 Queen Street is a great example of what happens when you open a space back up to the street—it can lift the whole area around it with renewed activity and life.”
Commercial design and build consultants, Catalyst, collaborated with Kernel to design and build their new headquarters in association with project managers, Cedar Tree Consultants. The former foodcourt space showcases raw materials such as timber and concrete, combined with brushed metals and expansive glazing.
The building’s original features have been retained and carefully restored, resulting in a sophisticated, timeless space that is in keeping with the building’s history. The result is a workspace that is purposeful, enduring and representative of Kernel’s identity, supporting its culture and inspiring collaboration.
Kernel has grown quickly and now manages more than $4 billion for Kiwis around the country. The office move was about creating space for what comes next, said founder and chief executive Dean Anderson.
“What drew us to this location is the contrast—a modern, technology-driven investment business inside one of the country’s most historic financial buildings. It feels really meaningful to build the future of wealth in a place that helped shape its past,” he said.
“With Catalyst we have designed more than just an office for our team. It’s a space where we can bring the wider community together, to help more New Zealanders understand, build and enjoy their wealth.”
The refurbishment of Kernel’s ground floor space tops off a turnaround in the CBRE-managed building’s occupancy, which has risen from around 40% to more than 80% over the past two years.
The renewed activity at its frontages is feeding into Swanson Street, which links Queen and Albert Streets, said Holmberg.
“The refurbishment kicks off street level activation which will help reignite Swanson Street, adding more foot traffic to the thoroughfare and contributing to the vibrancy of downtown.”
Further up Swanson Street, the ANZ Centre refurbishment has also helped transform the lane, replacing an under-used through-site path with a public pavilion and opening its ground floor lobby onto the street.
More recently, Spark moved around 1,800 staff into its new headquarters at 50 Albert Street, on a block that also runs through to Swanson Street. Between them, these projects have brought renewed pedestrian volumes into the blocks between Albert and Queen.
“We’re now seeing a precinct knitting back together as each of these projects has pulled people onto the streets and lanes, resulting in pedestrian routes that feel active rather than empty,” Holmberg said.
The trend is not limited to office towers. Heritage retail space is also being refreshed around downtown, notably the 1929 Queens Arcade at 34-40 Queen Street. The $5m refurbishment of the arcade will result in a luxury retail and wellness destination. It is one of several arcades and street level spaces along Queen Street being refurbished as the offices around them fill up.
“Offices bring people into the city during the day, but it is the retail, hospitality and heritage spaces around them that give reasons to linger. As more street-fronting spaces are revitalised, you start to build a precinct that people actually want to spend time in.”