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Parnell

Prime Parnell office opportunity with development potential

JLL marketing 24 York Street, Parnell


 

 

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A three level, freehold office building in the affluent Auckland suburb of Parnell is for sale through JLL.

The 599sqm building sits on a 427sqm site on York Street at the city end of Parnell Rise and has 19 carparks. JLL agents Jason Armstrong and Ian Hall are marketing the property, which will be sold through an expressions of interest campaign closing 4pm, Thursday 5 July, 2018.

The property has carparks on the ground level with 18 of the parks secured behind an iron sliding gate. The upper two levels consist of modern office which can be accessed by a stairwell. Both the upper floors have air-conditioning with male and female amenities located on alternate levels and a shower on level one.

"This property has a wide breadth of potential," says Armstrong. "It is zoned mixed use, which for example, would allow the building to be utilised as apartments, integrated residential development, offices, retail, visitor/student accommodation, education facilities or community facilities. It also means that the property can be developed to a maximum height of 21 metres. Resource consent has already been granted for additions and alterations to be made to enable a six level residential property to be developed at the site," he says.

The Parnell area has undergone considerable change during the past 15 years, with nearby developments comprising of a mix of warehouse and modern office and apartment properties.


"Parnell is a vibrant suburb of Auckland," adds Hall. "The area has many popular cafes and restaurants, along with boutique shopping. It is a popular destination for tourists and is home to many businesses. Parnell Road as a main arterial, has numerous buses going past daily. The area can also be accessed by train, with a $12 million Parnell station upgrade currently nearing completion.

"Approximately 19,980 cars travel along Parnell Rise each day during the working week. With Parnell Rise being within a stone's throw from York Street makes this property extremely close to motorway access to the north and south. It is also close to Auckland Port and is a walkable distance to Auckland CBD," says Hall.

JLL Associate Director of Research Tom Barclay adds, Parnell has long been popular with investors and in recent times there has been a string of high profile transactions which are testament to the strength of this market. It was recently announced that Augusta Funds Management Ltd are syndicating ownership of the Mansons TCLM new build at 96 St George's Bay Road, anchored by Xero. This was at purchase price of $116 million. Other recent sales include 27 Bath Street which sold for $7.21 million and 272 Parnell Road for $15 million. The site at 290 Parnell Road also sold last year for $7.08 million.