JLL has been exclusively appointed to market 94 secure freehold car parks across 78 individual titles within The CAB development at 1A Greys Avenue, Auckland CBD, available by expressions of Interest closing 28 July.
Positioned immediately adjacent to the new Te Waihorotiu Station and Aotea Square, the offering gives investors, developers and owner-occupiers a direct foothold in a supply-constrained asset class at the centre of Auckland’s most significant urban transformation.
The holding comprises 62 single car parks and 16 tandem car parks within a secure basement facility, held across 78 separate freehold titles.
The flexible acquisition structure allows purchasers to tailor their position — from a single title to a substantial strategic holding — providing access to a broad range of investors.
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According to JLL Research, there are an estimated 21,200 off-street parking spaces across Auckland’s inner city, with supply concentrated within a relatively small number of buildings.
The planned removal of the Downtown Car Park alone is expected to reduce total CBD parking supply by approximately nine per cent, with the potential redevelopment of further sites pushing that figure higher.
Auckland Transport’s strategic direction continues to favour reduced long-term parking provision, while intensification is steadily converting historically parking-heavy sites to office, residential, hotel and mixed-use developments.
“What we are seeing in Auckland’s CBD is a structural and policy-driven reduction in parking supply that shows no sign of reversing.
"The number of long-term freehold parking assets reaching the market continues to shrink, and the opportunity to acquire 94 car parks in a single offering within the Midtown precinct is genuinely rare.
"Investors who understand scarcity-driven asset classes will recognise the underlying dynamic here immediately,” says Jason Armstrong, Director and Head of Metro Sales, JLL New Zealand.
The broader Midtown precinct context reinforces the investment case.
Anchored by the City Rail Link and Te Waihorotiu Station — forecast to become New Zealand’s busiest train station — the precinct is already supported by approximately 40,000 office workers and more than 9,500 residents within walking distance.
More than $10 billion in combined public and private capital is being deployed across Midtown through commercial developments, hotels, student accommodation and major refurbishment projects.
As accessibility improves and economic activity grows, demand for secure, proximate parking is expected to remain well-supported by a diverse and expanding user base.
JLL Research indicates that market rents for secure CBD car parks in office buildings generally range between $80 and $120 per car park per week, with premium locations and higher-quality facilities achieving between $150 and $195 per week — and upwards of $200 per week in the strongest positions.
Nearby operator pricing within the Midtown precinct reflects this depth of demand, with monthly commuter parking rates commonly ranging from $289 to $299 per month.
“The investment case here is clear: a freehold asset class with demonstrable income potential, positioned within Auckland’s fastest-changing precinct, at a time when the supply of comparable assets is declining.
"The flexible structure opens the opportunity to a genuinely broad range of capital, from a single car park acquisition through to a substantial strategic holding.
"We expect strong interest from investors seeking direct property exposure without the complexity of a larger commercial transaction,” says Alex Wefers, Director Metro Sales, JLL New Zealand.
- Supplied by JLL
