Develop Or Occupy Options For Parnell Property

A property with a resource consent for a six-level apartment development but which also offers a host of other options and opportunities for its next owner is up for sale in Parnell.

Located at 24 York St, the offering encompasses a distinctive looking three-level building, 427 sq m of freehold land zoned Business – Mixed Use, with a 21m height overlay, and 16 car parks.

Featured in Bayleys’ latest Total Property portfolio, the property is being sold with vacant possession by tender, closing 4.00pm, Tuesday, August 3, unless sold prior.

Alan Haydock, director of Bayleys Auckland City & Fringe team, says the listing will appeal to a range of potential purchasers including commercial and residential owner occupiers, investors and add value purchasers as well as developers. He is marketing the property in conjunction with colleagues Jean-Paul Smit and Damien Bullick.

“This superbly presented commercial building encompasses two self-contained upper floors with a net lettable area of 608 sq m, and covered, secure car parking on the ground floor in the sought-after suburb of Parnell, offering easy access to the neighbouring Auckland CBD, waterfront and motorways,” Haydock says.

“The property falls within the Double Grammar school zoning area for Auckland Grammar and Epsom Girls which increases its appeal for residential development. This is reflected in the fact that council consent has been sought and obtained for a new apartment development up to the maximum height level permitted of six levels.

“This consent could be actioned immediately, or the purchaser might look at other options such as converting the existing building to apartments or a combination of residential and commercial accommodation or retaining its existing use as commercial premises. The flexible Mixed Use zoning means the opportunities are many and varied both in the short and longer term.”

The building was originally constructed in the 1970s and is located on a rectangular shaped site with a gentle sloping contour and a road frontage of approximately 17m.

Jean-Paul Smit says the two office floors, each of 304 sq m, are well presented and have been refurbished with new kitchen, bathroom and shower facilities. The vacant top level comprises a reception, three adjoining, partitioned rooms and an L-shaped open plan area with kitchen facilities.

The level below has recently been extensively refurbished and provides attractive, contemporary office accommodation with a mix of open plan layout, partitioned rooms and kitchen area, says Smit. “This level is currently occupied by the vendor but will be made available with vacant possession or a short-term lease back in place.”

A total of 15 car parks are located at ground level within the building with internal access to and from a lobby which also provides access to the two upper floors. A 16th car park is located directly outside the internal car park.

“Undoubtedly, one of the most desirable attributes of the property is its excellent CBD fringe location, just a short stroll from the Parnell township and train station and also close to the CBD and its universities, the Domain, Auckland City Hospital, the waterfront as well as motorway connections north, west and south,” says Haydock.

“There has been significant investment and development in the immediate area in recent years from larger commercial property companies such as Samson Corporation and Manson TCLM, which both have their head offices in Parnell, as well as smaller property owners and developers. This is expected to be ongoing and result in Parnell continuing to flourish as a mixed-use precinct encompassing office, retail, hospitality and residential activities.”

Click here for more information on the listing.

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