Tasty opportunity at Parnell neighbours
Two neighbouring properties in the heart of Parnell are available for purchase, giving buyers the opportunity to acquire multiple properties in one of Auckland’s most tightly held locations.
187 and 193 Parnell Rd are home to hospitality tenants on long-term leases.
The freehold properties, which can be purchased individually or in one line, are zoned Business–Town Centre under the Auckland Unitary Plan.
They are part of the portfolio of well-known Parnell developer Kevin Harvey, whose father Les is immortalised with a statue given his substantial influence on the growth of the suburb.
Colliers brokers Tony Allsop, Matt Plowman and Kris Ongley are marketing the properties via auction at 11am, Wednesday November 22.
187 Parnell Rd, which has 120sq m of building area on a 212sq m site, is tenanted by Burger Fuel. It began a new six-year lease in February and has one further right of renewal for six years, leading to a final expiry of January 2035. It has access to four carparks at the rear of the property.
The lease provides $83,000 plus GST and operating expenses in annual rental income and the agreement includes two-yearly market rent reviews.
193 Parnell Rd, which has 191sq m of building area on a 167sq m site, is home to Nepalese restaurant Everest Dine. The single-level restaurant faces Parnell Rd, while a basement level is accessible via a roller door and faces Falcon St. Two carparks are accessed via Falcon St.
Everest Dine’s lease provides $89,500 plus GST and operating expenses in annual rental income. It recently began a new four-year lease that runs until 30 September 2027. There are two further rights of renewal for two years each leading to a final expiry in September 2031.
Allsop says Harvey has instructed the properties must be sold. “After a long and proud history of ownership, our vendor is recalibrating his portfolio as he looks to create another notable landmark in Parnell,” Allsop says.
“This new development will be located at 269-279 Parnell Rd.Most of the site has been cleared with new structures being erected and existing buildings being repositioned to encapsulate a European and South American-inspired hospitality market.”
Plowman says Parnell boasts a unique combination of historical and modern influences.
“Parnell was Auckland’s first suburb, and the village has long been a drawcard for the local affluent residential catchment and as a tourist destination, due to the boutique shopping and restaurants and bars set along Parnell Rd and throughout the village’s unique brick cobbled laneways,” Plowman says.
Ongley says these properties represent an affordable investment opportunity in a sought-after location. “Retail investments on Parnell Rd are rarely offered to the open market.”