A fully leased trophy investment in the popular Auckland city fringe location of Parnell is available for purchase and will draw the attention of investors looking to acquire a top-tier asset in one of the country’s most prestigious suburbs.
The two neighbouring buildings at 46 and 56 Parnell Road have a combined total net lettable area of 4,451sq m and sit on a prominent and elevated freehold corner site measuring 1,909sq m. The buildings are being sold in one line.
56 Parnell Road, the main structure at the property, is a four-floor office building that is home to a mix of longstanding and well-established tenants, including My Food Bag, health provider Radius Care, construction firm John Holland, and Hellers.
The building, which has recently been refurbished, provides 4,315sq m of space, complemented by 88 fully secure basement car parks, marking a very generous 1:49sq m ratio.
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Each floorplate is afforded an abundance of natural light with four street frontages and exceptional, unobstructed views to the north-west, towards the city.
46 Parnell Road, a character-filled heritage building that measures 136sq m, is tenanted by well-known local bar and bistro 46 & York.
The total net annual rental income from both buildings is $2.559 million plus GST per annum with fixed annual rental growth across many leases, ensuring the asset provides stable cashflow.
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan, which focuses on areas with a high level of amenity, and allows for both commercial and moderate to high-intensity residential activities.
The opportunity to reposition the asset in the future into a hotel or for residential use significantly increases a purchaser’s options as the market evolves.
Colliers Directors Blair Peterken, Peter Herdson, David Burley, and Mike van der Putten have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 19 November, unless sold prior.
Peterken, Director of Capital Markets at Colliers, says the recent refurbishments to 56 Parnell Road have enhanced the property to create a highly desirable work environment.
“The property provides generous and efficient floorplates suited to a wide range of tenants. The building is presented in excellent condition with impressive stone lobbies and recent refurbishments to the bathrooms. Each floor also benefits from abundant natural light,” Peterken says.
“The Red Rabbit cafe on the ground floor offers excellent amenity for tenants and draws clientele from the wider area, while 46 & York is an established pub that is a popular gathering place for locals.”
Herdson, Director of Capital Markets at Colliers, says vacancy rates have consistently remained low in Parnell in commercial buildings given the suburb’s reputation as a flagship location.
“Just minutes from Auckland CBD, Parnell offers excellent accessibility to the nearby motorway network,” Herdson says.
“The subject property provides exceptional northern views and an outlook over Fraser Park, adding to its overall appeal as a premium investment offering that will catch the eye of discerning buyers.”
Burley, Auckland Director of Investment Sales at Colliers, says Parnell is an amenity-rich location with a thoughtfully curated local shopping village.
“Parnell has an enticing mix of high-end hospitality operators through to everyday sought-after items that are supported by boutique shops,” Burley says.
“The area also benefits from public transport options such as bus routes and a local train station that provides connectivity to all parts of the city.”
Van der Putten, Director of Capital Markets at Colliers, says the office building at 56 Parnell Road is an offering of the highest calibre that leads the market on rental rates achieved with consistent growth across the past decade.
“The meticulous redevelopment of the asset has positioned it as Parnell’s premier opportunity for high-quality office occupiers. The building has consistently outperformed its peers with tenants taking a long-term approach due to quality, outlook, and the genuine feeling of prestige that the building provides,” van der Putten says.
- Supplied by Colliers
