Two neighbouring properties in the heart of Parnell in Auckland are available for purchase, giving buyers the opportunity to acquire multiple properties in one of the city’s most tightly held locations.
187 and 193 Parnell Road 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 Zone under the Auckland Unitary Plan.
The highly visible properties are part of the portfolio of well-known Parnell developer Kevin Harvey, whose father Les is immortalised in Parnell with a statue given his substantial influence on the growth of the suburb.
Colliers Brokers Tony Allsop, Matt Plowman, and Kris Ongley have been exclusively appointed to market the properties for sale via auction to be held at 11am on Wednesday 22 November at Colliers, Level 23, HSBC Tower, 188 Quay Street, Auckland.
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187 Parnell Road, which has 120sq m of building area on a 212sq m site, is tenanted by popular gourmet burger chain Burger Fuel. They began a new six-year lease in February and have one further right of renewal for six years, leading to a final expiry of January 2035. They have access to four car parks 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 Road, which has 191sq m of building area on a 167sq m site, is home to authentic Nepalese restaurant Everest Dine. The single level restaurant faces Parnell Road, while there is a basement level that is accessible via a roller door and faces Falcon Street. There are two car parks that are accessed via Falcon Street.
Everest Dine’s lease provides $89,500 plus GST and operating expenses in annual rental income. They 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, Director of Investment Sales at Colliers, says the instructions from vendor Kevin Harvey are clear, these 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 Road and 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.
“Construction of the hospitality venue is expected to be completed in early-to-mid 2024 and will be licensed to host approximately 350 people. The owner is planning to lease space to six different permanent vendors, including the likes of a European deli, a gelato shop, and an open-air wine bar among others and further vendors will be added for ‘market days’.”
Plowman, Investment Sales Broker at Colliers, says Parnell boasts a unique combination of both historical and modern influences.
“Parnell was Auckland’s first suburb, and the village has long been a drawcard for the local affluent residential catchment but also as a tourist destination due to the boutique shopping and incredible selection of restaurants and bars set along Parnell Road and throughout the village’s unique brick cobbled laneways,” Plowman says.
“Parnell has something on offer for everyone; food, art, design, architecture, and boutique shops offering fashion, jewellery, home decor, and specialist wine. The village has a diverse range of cuisines, including Greek, Italian, Indian, Thai, and Asian fusion, among others.”
Ongley, Director of Investment Sales at Colliers, says these properties represent an affordable investment opportunity to secure a stake in a sought-after location.
“Retail investments on Parnell Road are rarely offered to the open market and with that in mind we encourage all interested parties to contact us immediately to explore their options.”
- Article supplied by Colliers
