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Auckland

Significant Parnell block – first time on the market in 81 years

JLL marketing 15-21 Cheshire Street, Parnell, Auckland


 

 

Two central Hokitika properties for sale with upside/new-zealand/en-gb/news/901/two-central-hokitika-properties-for-sale-with-upsideTwo central Hokitika properties for sale with upside
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A 1,216sqm site in the affluent suburb of Parnell has been placed on the market for the first time in 81 years.

The sale of 15-21 Cheshire Street will bring to a close what has been a property portfolio built up by the same family through generations. In 1937 the family purchased the first site on the block. Years later, another house was purchased on the same block and before long, the family had acquired the entire block.

Over time, the area surrounding the property has changed significantly, with other workers' cottages snapped up by developers and turned into high rise apartments or office blocks.

The vendor says, "We have hung on for a long time – it's fair to say the property has been tightly held as at some point we have all lived here. However, now is the right time to hand it on to someone else as the changes in the Unitary Plan have really opened up the use for the site.

"It is essentially the last site in the area yet to be developed for commercial or high rise residential use, as every other site has a larger scale building on it. Our sites are also the only ones with green space left," he says. 



JLL agent Ian Hall says, "The property is in four separate and adjoining titles, so the option is there to buy the sites separately or together. Number 15 Cheshire Street is 279sqm, number 17 is 310sqm, number 19 is 314sqm and number 21 is 313sqm.

"At present the houses on the site have periodic tenancies in place allowing for them to be vacated in a short space of time, with a demolition consent already approved by council," says Hall.

The site is rectangular with approximately 40 metres of road frontage to Cheshire Street and has a total building height limit of 27 metres. New drainage has been put in place behind the houses and the topography allows for carpark levels to be built under any new proposed development.

"The property is a one-minute walk from the new Parnell Train Station, three-minute walk to Parnell Road's shops, restaurants and buses, plus a new retirement village is currently planned just along from the site, so there is plenty going on within a stone's throw of the property," says Hall.

The new Parnell Train Station, which opened in March last year, sits only metres away from the property. The $12 million station provides access to and from Parnell with linkages to the Auckland Domain and the University of Auckland. Adding charm to the station is the former Newmarket Station heritage building, which was relocated onto the site. 


Auckland Councillor Mike Lee says, "The splendidly restored 110-year-old heritage station building was designed by renowned railway architect George 'Gingerbread' Troup, of iconic Dunedin railway station fame. The kauri building has both the sturdy workmanship and the elegance typical of the Edwardian era – Auckland's 'belle époque'.


"The station at present is proving very popular with those coming from the southern areas of the city and on weekends it ideal for those wanting to visit the Auckland Museum or the French Market," he says.


Once all proposed upgrades of the Parnell Station are completed, it is forecast that at peak hours of the morning the station could see some 2,000+ passengers exiting trains at Parnell.
JLL agent John Binning says, "The attraction of Parnell for commercial use is huge due to its accessibility to motorways, bus and train services as well as the suburb itself with its character properties, cafes, restaurants and retail offerings. The site would be an ideal location for a residential apartment development, student accommodation, boutique hotel, or a commercial office development." 


JLL Associate Director of Research Tom Barclay adds, "Although property in the Parnell area is generally tightly held by the investor community, there have been some significant sales of late. 


"In terms of development, Parnell continues to forge ahead. The St George Corporate Centre is moving closer to completion and will be anchored by Xero. Apartment developments in the area also include the Edition Apartments, comprising 18 high end units due for completion in 2019."


The property is to be sold by Expressions of Interest closing 4pm, Thursday, 7 June, 2018.