Luxury retailer Faraday's will be opening a 30 million dollar development on Auckland's Queen Street

It will create a three storey department store with a restaurant and valet parking.

The retailer has signed a 12 year lease on the building at 131 Queen Street.

Faraday's says it's looking to expand its customer base past the higher-end clientele of its Parnell store.

It's expected to be open by mid next year.