A prime, large-scale development site on Auckland’s city fringe presents a once-in-a-generation opportunity for visionary developers and investors.
Spanning 7,341 sqm (more or less), the high-profile Parnell site is just minutes from the CBD and ready to become the city’s newest landmark, Bayleys salespeople say.
The properties at 127-131 St Georges Bay Road, 6-34 Kenwyn Street, and 155 The Strand offer flexible Business – Mixed Use zoning, allowing development heights up to 21 metres.
The properties feature five aggregate titles, including both freehold and lessor’s interests, providing extensive scope for repositioning or redevelopment.
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Bayleys Auckland Metro Markets director Layne Harwood says the advantageous height variation control allowing development to 21 metres exceeds the typical height limits for this zoning category.
“Increased density provisions under Council guidelines highlight the prime redevelopment potential of this strategic site,” says Harwood.
“After 50 years of ownership, the current owner is ready to pass the baton to a group with the vision and capability to transform these properties into a new Parnell landmark.”
Harwood is marketing the portfolio for sale by deadline, closing at 4:00 pm on Thursday, 31st October 2024 (unless sold prior) with Bayleys colleagues Damien Bullick, Ryan Johnson, and Lloyd Budd.
The property comprises four freehold titles with a combined land area of 5,606sqm, plus a ground lessor’s interest in 1,735sqm at 155 The Strand, subject to a perpetually renewable 21-year ground lease with the next renewal due in March 2025.
Key details of the land and improvements are:
6-12 Kenwyn Street: 1,392sqm land area with a 1,414sqm building.
14-28 Kenwyn Street: 1,596sqm land area with a 2,740sqm building.
30-34 Kenwyn Street: 1,191sqm land area with a 669sqm building.
127-131 St Georges Bay Road: 1,427sqm land area with a 1,418sqm building.
155 The Strand: Ground lessor’s interest in 1,735sqm of land.
The property is offered to the market partially tenanted, providing a short-term holding income from two tenants and the ground lease.
Occupants include a high-end furniture retailer and a kitchen designer and manufacturer on expiring lease terms.
Harwood says five adjoining buildings were designed to support port activities.
They comprise a mix of original and refurbished warehouse-style structures featuring industrial elements such as sawtooth roofs, timber columns, and lightweight steel portal frames - presenting an opportunity for a creative refurbishment and repositioning.
“Versatile options for a new owner include maximising the permissible Gross Floor Area (GFA) with a new commercial development for large floor plate office users, delivering a comprehensive residential project, or undertaking an integrated mixed-use development that retains some of the existing buildings.”
Strategically located on The Strand – the key artery connecting upscale Parnell to the waterfront at Tamaki Drive, motorway interchanges and the CBD – the site offers unparalleled access to major transport links and essential amenities.
The precinct has become a hotspot for creative industries and office tenants, with neighbours including major global brands like Saatchi and Saatchi, Xero, Asahi, and local names Mansons TCLM, Icehouse Ventures, Matisse, Dawson & Co., and luxury retailer Faradays.
Bayleys Capital Markets national director Ryan Johnson says the property is offered to the market at a crucial time when Auckland’s growth and the limited availability of development-ready land presents unique opportunities for strategically positioned projects.
“Although development activity has been subdued, key players are re-engaging, recognising that while the pool of developers capable of executing such large-scale projects is selective, the potential reward for those who can is immense.
“As the demand for flexible, mixed-use spaces in Auckland grows, this site presents a remarkable opportunity to address evolving urban needs.
"A new owner can harness its prime location to develop a visionary project that attracts a diverse range of tenants and maximises investment returns.
"In doing so, they will contribute significantly to shaping Auckland’s urban landscape for future generations.”
- Supplied by Bayleys
