A fully renovated, stand-alone Parnell building, housing a major global flooring company on the ground floor and a top-end commercial office designed specifically for an owner-occupier upstairs, is for sale by tender.
On the corner of Bath and Earle streets in the sought-after inner-city Auckland suburb, the property also comes with 15 on-site parking spaces, a coveted commodity in the area says Henry Thompson of Whillans Realty Group.
Thirteen of the spaces are in the basement parking area and there are two additional customer car parks outside the showroom at ground level.
He says the solidly constructed two-level building is positioned in one of Auckland’s most tightly held commercial precincts and delivers a total of 553 square meters of floor area from its 375 square meter freehold corner site.
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Beaulieu International Group’s Signature Flooring company has approximately three and a half years remaining on its lease.
The upstairs office space which has a separate ground floor entrance is vacant.
This makes the building well placed for an owner occupier wanting a modern, full-floor, open plan office space, Thompson says.
“It would be ideal for a family office, architectural firm, accountants, lawyers etc who could use the offices and enjoy an income from downstairs.”
The property is being sold by tender, with tenders closing on August 24.
In the meantime, it is returning an annual rental income of $146,487 which would double to over $300,000 if the office space was let to a new tenant.
Thompson says that in the past 18 months the building has undergone a comprehensive exterior and interior renovation with recently completed works including new timber and polished concrete flooring, modern LED lighting, new meeting rooms, designer kitchens and refurbished staff amenities.
The downstairs showroom is open plan with floor-to-ceiling glazing providing natural light and an excellent profile onto Bath Street.
It has an all-new fit-out including a generously proportioned kitchen, a boardroom, three glass-enclosed offices, separate bathrooms and a shower.
The 279 square meter first-floor office space upstairs has its own entrance on Earle Street via a flight of stairs which also connect to the basement car park.
The floor has an all-new modern open plan fit-out design with large skylights and extensive glazing creating a bright work environment and includes a large kitchen, sound-deadened meeting rooms, two separate bathrooms and a shower.
The building itself has an A+ grade seismic rating, based on a 2018 seismic report prepared by engineering consultants Harrison Grierson.
Thompson says Parnell remains a popular retail and commercial area because of its wealthy demographic with close proximity to the city centre and port motorway system.
There is immediate entry to and from the Northern, Western, and Southern motorways via State Highway 16, at the base of Parnell Rise and regular bus services run along Parnell Road. The new Parnell train station is just 400 metres away.
There are also an impressive array of amenities including a wide selection of cafes, bars, and restaurants, all within easy walking distance, he adds.
However, the biggest endorsement of the area has to be in the approximately $200 million worth of new developments currently planned or under way within a 200-meter radius of 15 Bath Street.
These developments include 11 York Street where resource consent has been granted for a new mixed-use development designed by Monk Mackenzie Architects on the corner of York, Earle and Bradford Streets.
The same architects have designed the Edition Apartments, a 19-unit, luxury apartment development located in Churton Street, completed in June this year.
Augustus is a new 8-level premium office and retail development being developed between The Strand and Augustus Terrace, which will be anchored by a Dawson & Co furniture showroom.
The fourth nearby development is Augustus Park, a 10-level, 57-unit apartment building to be anchored by a 54-room LQ Wyndham hotel. It will have dual street access to The Strand and Augustus Terrace.
Thomson says he expects these properties to command new rental levels and bring new amenities to the area.
- Article supplied by Whillans
