Redevelop or occupy prime Parnell site
An established commercial premises with resource consent for residential conversion offers a substantial add-value play for investors eyeing the future, Bayleys brokers say.
The prominent office building on
774sqm of freehold land at 272 Parnell Rd occupies a prime corner position on the Parnell ridge with daily exposure to
14,000 passing vehicles. Ian Hall, Bayleys director of investment sales, says the high-profile property will appeal to a broad range of potential purchasers, including owneroccupiers, investors and add-value developers.
“There is significant rental appeal for occupiers given the floorplates and current building configuration, which provides split-floor options for flexibility, a central lift and excellent natural light with views of central Auckland and Waitemata¯ Harbour.
“Add-value investors may also explore commer- cial refurbishment options, while developers look longer term to utilise the approved resource con sent for the addition of a sixth level and residential conversion or a mixed-use repositioning.
Hall is marketing the property with Bayleys Auckland colleagues Layne Harwood and James Chan. It is being sold by deadline closing at 4pm on Friday, April 14 unless sold prior.
Comprising five levels with two additional levels of basement carparking accommodating up to 35 vehicles, the building provides a total net lettable area of 2601sq m.
There is a ground-floor showroom and office area, with upper floors benefitting from sweeping views across the central city, Auckland Domain and Hauraki Gulf.
Ray White Realty is the anchor tenant on the ground floor, while various service providers and small businesses occupy the remainder of the premises.
Harwood says the property returns a fully leased net annual income of $1,193,615 plus GST from 11 tenants. There is a vendor rental guarantee on vacancies.
The current configuration provides an average floorplate of 545sq m which can easily be separated to suit a variety of tenancies.