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 Road 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 owner-occupiers, 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 the Waitemata Harbour.
Start your property search
“Add-value investors may also explore commercial refurbishment options, while developers look longer term to utilise the approved resource consent for the addition of a sixth level and residential conversion or a mixed-use repositioning.
“Interested parties can get an excellent overview of the building and potential development options through 3D Stack modelling, which we have included on the property listing.
“This technology allows potential buyers to visualise each level, gain perspective of the views, and fly over the building and surrounding area to better understand the broad opportunity on offer here,” Mr Hall says.
Mr Hall is marketing the property for sale with Bayleys Auckland colleagues Layne Harwood and James Chan.
The property is being sold by deadline closing at 4:00 pm on Friday, 14th April 2023 (unless sold prior).
Comprising five levels with two additional levels of basement car parking accommodating up to 35 vehicles, the building provides a total net lettable area of 2,601sqm.
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.
Bayleys director of Capital Marketing & Investment Sales Layne Harwood says the property returns a fully leased net annual income of $1,193,615 plus GST from eleven tenants. There is a vendor rental guarantee on vacancies.
The current configuration provides an average floorplate of 545sq m (more or less), which can easily be separated to suit a variety of tenancies.
The building has been constructed on a reinforced concrete foundation supporting the concrete structure above.
Mr Harwood says the entrance and common foyer has been recently refurbished to a high standard, adding to the property’s commanding profile.
“Located in Auckland’s desirable city fringe, the building is in a prime position on the eastern side of the Parnell Road ridge, providing excellent access to the CBD and Newmarket, which continues to underpin a high level of residential and commercial demand.
“It is ideally suited to mixed-use development given the suburb’s high amenity value and established commercial position which provides transit access via links to arterial routes and public transport systems, including the new City Rail Link Parnell station.
“At the same time, residential values are supported by Parnell’s premium reputation and school zoning credentials which include the coveted Double Grammar School precinct,” he says.
Caption: A prime commercial property in Parnell will attract a diverse range of interest from buyers seeking immediate income and occupancy options, developers and add-value investors.
- Article supplied by Bayleys
