A prominently positioned property on a highly visible corner site in the affluent Auckland suburb of Parnell presents buyers with the opportunity to secure a premier site that is already consented for a significant development.
11 York Street, Parnell is a 1,514sq m freehold site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan. The zone provides for predominantly smaller scale commercial activity as well as residential activity.
The site is home to a 1,252sq m multi-level warehouse and office building with a handful of tenancies in place that include 12-month demolition clauses. The property provides approximately $190,000 in net annual rental income.
Strategically located near a number of high-end businesses and the popular Parnell village, the site also provides convenient access and extensive amounts of exposure to the surrounding streets.
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State Highway 1 is only moments away, while the Parnell train station is also close by, providing a range of options for prospective purchasers.
Colliers Brokers David Burley and Adam White have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 6 April, unless sold prior.
The existing tenants lease areas ranging from 277sq m to 375sq m, while there’s 300sq m of vacant office space on the second level, which could present an owner-occupier option on a short-term basis.
Burley, Associate Director of Investment Sales at Colliers, says the existing consent will allow the new owner to maximise the potential of the site.
“The proposal involves the construction of an eight-level building, which includes two basement parking levels,” Burley says.
“The basement parking levels will be accessed via two-way ramps that connect to York Street, with the parking floors having high ceiling heights of 3.8m to accommodate car parking stackers.
“There will be 84 parking spaces provided in 42 car stackers, in addition to 21 standard parking spaces and 24 cycle spaces.
“Two of the standard parking spaces will be configured so they are suitable for use by people with disabilities.
“The proposed development will provide approximately 5,607sq m of net lettable commercial area, including a ground-level cafe and a range of highly functional office spaces.”
White, Investment Sales Broker at Colliers, says this property is well-placed to benefit from a major project given developable land in Parnell is scarcely available.
“With existing tenants in place, the new owner will have holding income of approximately $190,000 per year while they plan their future moves for the property,” White says.
“Mixed-use land is incredibly popular given the options it presents, and if the new owner doesn’t utilise the existing development plans this site could be turned into apartments and terraced houses, a boutique hotel, or a mixture of various accommodation options.”
White says Parnell is one of Auckland’s most sought-after suburbs and the fact this property is in the Double Grammar Zone only adds to the appeal.
“Parnell’s shopping village has a number of popular eateries for locals, while Auckland’s CBD is comfortably within walking distance. Parnell also offers easy access to a range of key bus routes across the city.
“This property is loaded with potential and enjoys a prime location with exceptional views of the harbour and the city scape.”
- Article supplied by Colliers
