A well-located unit in the heart of Parnell’s commercial precinct in the city fringe of Auckland is available for purchase, giving buyers the opportunity to secure an asset with office and showroom capability and future upside.
Sitting at 3/114 St Georges Bay Road, Parnell, the stratum in freehold property has approximately 234sq m of floor area and is part of a 13-unit complex that boasts architectural features.
There is currently a tenant in place on a short-term lease, providing $65,000 plus GST and operating expenses in annual rental income.
The property is surrounded by a variety of commercial, hospitality, and retail businesses operating in this busy location.
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The unit has two dedicated car parks providing convenience for the occupants while the motorway network can be reached quickly alongside other key arterials such as Tamaki Drive and Parnell Road. Auckland CBD is only 1.5km away.
The property, which has a stud height of 3.2m and full-height glazing at the street frontage, is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
Adam White, Associate Director of Investment Sales at Colliers, has been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 15 April, unless sold prior.
White says this versatile unit can be utilised for a range of different purposes based on its layout and flexibility of the zoning.
“Purchasers can buy a property that will provide passive income from the existing tenant before making longer term decisions regarding its future,” White says.
“Options include securing a new tenant or occupying the premises for their own business operations. Its versatility as an office or showroom or a combination of the two means it can be positioned in a range of ways.
“There is considerable long-term upside on offer as the unit is currently under rented, presenting scope for the new owner to grow the rental stream in the future to align it with market rates.”
Parnell is one of Auckland’s most sought-after suburbs and offers heritage character and charm alongside a mix of modern developments.
The amenity-rich location has a broad array of shops, hospitality offerings, and commercial services along Parnell Road, which is only a few minutes from the subject property.
“To complement the access to the Parnell Road shopping hub, this property also provides occupants with accessibility to The Strand, the Auckland waterfront, and the CBD,” White says.
“Parnell offers its residents the opportunity to experience parks and art galleries all while being only moments from central Auckland.”
White says having the chance to secure a foothold in one of the city’s most desirable locations is an opportunity that is not to be missed.
“Commercial assets in Parnell are tightly held among investors, and this purchasing opportunity gives buyers the rare chance to acquire a property in a desirable spot that offers convenience and lifestyle appeal.”
- Supplied by Colliers
