One of the few undeveloped commercial sites along Parnell Road is up for sale with plans in place for a new three-level plus mezzanine, mixed-use building of five luxury apartments and ground floor retail/showroom space.
On the corner of Parnell Road and Birdwood Crescent, the property is being marketed by Michael Pleciak of Whillans Realty Group.
It is for sale by tender, with tenders closing on March 24.
The prominent corner site comprises 497 sq m of freehold land in an elevated position that currently accommodates an automotive repair business.
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Pleciak says it is leased on a causal basis to Parnell Village Workshop, a successful automotive repair business, and this arrangement could continue while a new owner worked through the design and regulatory process to redevelop the property.
“The opportunity also exists to negotiate a new, longer-term lease with this tenant and additional revenue could be achieved through signage because the property is widely seen by anyone travelling between Newmarket, Parnell, the city or the port. At present 16,000 cars a day pass this property as it’s on a key arterial road connecting the CBD with the city’s most affluent suburbs.”
Resource consent was granted in October 2020 for a new three-level plus mezzanine, mixed-use building delivering two ground-floor retail tenancies and five luxury apartments above.
The development includes parking for eight vehicles accessed from Birdwood Crescent. This consent is valid for five years.
“However, plans could be changed and the property would suit any number of people from passive investors through to land-bankers and developers looking for a future pipeline or even owner occupiers.”
“The opportunity also exists to re-work the existing improvements into new high-profile showroom or retail space. It would be well-suited for an owner occupier or investor looking to create a new vehicle, furniture, gallery, live-work space or textile showroom, for example,” he says.
He believes the property’s potential is all in the location.
It is in Auckland’s double grammar zone, close to the city and has excellent public transport links.
For the fit, downtown Auckland, the ferry terminal and Auckland University are within walking distance.
A leisurely stroll away is the Auckland Domain and the museum and Newmarket’s shops and restaurants. And the property is directly adjacent to Parnell Village.
The site is on the north-facing side of Parnell Road and because it has a ridgeline elevated position, it has the potential to offer outstanding views across the Auckland skyline, the Waitemata harbour and across to Rangitoto Island and over the Auckland Domain.
The site is zoned Town Centre. This zone permits a wide range of development including retail, office, residential and hotel accommodation.
“Parnell has traditionally been very tightly held by private investors and family trusts who typically take a long-term and even a generational view to investment, with freehold corner sites like 339 Parnell Road being rarely available.”
- Article supplied by Whillans
