Parnell Property Offers A Multitude Of Options

A corner site on Parnell’s main thoroughfare containing a standalone mixed-use building offers multiple future possibilities including a high-profile business premises, a development site or add-value investment.

The 573sqm Business - Mixed Use zoned site at 57-61 Parnell Rise, on the corner with Carlaw Park Avenue, currently houses a single level 452sqm building providing a combination of showroom/office and warehousing and storage accommodation.

The property is currently generating net annual holding income of $60,000 plus GST from a one-year lease to Fridge Freezer Hire Services Limited which expires in September this year with no right of renewal.

“This flexible CBD fringe property offers huge potential for a range of purchasers, including owner-occupiers, investors and developers,” says Alan Haydock, director of Bayleys Auckland’s City & Fringe division.

“The under-utilised site’s underlying Mixed Use zoning provides a significant opportunity for future intensive residential, commercial or mixed use development up to a height limit of 18 metres.

“However, the existing building will also have strong appeal to business occupiers and add value investors because of its combination of showroom, storeroom and warehouse space and its high-profile position in an area where there is strong demand for these types of premises.”

The property is located at the western end of Parnell Rise only a few metres away from its intersection with Stanley Street and The Strand which has a large number of showroom premises with adjoining warehousing.

With dual street frontages, 57-61 Parnell Rise comprises 241sqm of showroom/office space fronting Parnell Rise, with 53sqm of storeroom and 158sqm of warehouse space located behind it accessed off Carlaw Park Avenue.

Damien Bullick, who is marketing the property with Alan Haydock, says the building has multiple access points, including pedestrian access from its Parnell Rise frontage and three roller door access points off Carlaw Park Avenue. Car parking for four cars is located at the rear of the site, with plentiful additional parking available on the neighbouring property.

“The building’s current configuration is highly functional and flexible and would suit a wide range of business uses but there is huge scope to add further value by a partial or full refurbishment or expansion of these premises,” says Bullick.

Featured in Bayleys’ first Total Property commercial and industrial portfolio for 2022, 57-61 Parnell Rise is for sale by tender closing 4pm, Wednesday, March 9.

Bullick says the property offers not only excellent exposure but also easy access to Parnell Village, the suburb’s retail and hospitality strip, the Auckland Central Business District and motorway systems via Grafton Gully.

It is also located on a main bus route and is close to Parnell’s train station.

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