Parnell properties offer dual opportunity

Parnell’s affluent demographic, well-defined commercial village and close proximity to Auckland’s CBD continue to underpin investor demand, with a significant corner holding opposite Heard Park now being offered to the market.

Two character properties available together or separately

The two early-20th-century buildings at 157–165 and 167–171 Parnell Road occupy prominent freehold sites in the heart of Parnell Village. Available together or individually, the properties offer investors an opportunity to secure character commercial real estate in a tightly held city-fringe location, combining established income, rental upside and the longer-term potential for a landmark development.

Fully leased property generates $240,947 net income

The larger property at 157–165 Parnell Road occupies a 614sqm site and comprises approximately 781sqm of commercial accommodation across two levels. The building is supported by 10 secure on-site car parks accessed from Falcon Street, together with two additional off-site parks at nearby Ruskin Street. Fully-leased to Bentleys Drycleaning, Furniture Now and craft studio Karigar Lane, the property generates net annual income of $240,947 plus GST.

Vacant office creates immediate rental upside

Adjoining that property, 167–171 Parnell Road is positioned on a 372sqm corner site and offers approximately 394sqm of character commercial space, including six on-site car parks. The ground floor is leased to long-standing Italian restaurant La Porchetta, while the 204sqm first-floor office is vacant, providing an immediate opportunity for an owner-occupier or investor to capture additional income. Accessed via a private entrance from Tilden Street, the upper-level accommodation includes reception, two kitchenettes, bathroom and shower facilities, open-plan workspace, individual offices, storage and a boardroom opening onto a verandah overlooking Heard Park. The property currently generates net annual income of $153,579 plus GST, with the vacant office providing scope to enhance returns.

Combined holding offers future development potential

Business – Town Centre zoning supports a broad range of commercial uses and repositioning strategies. The properties form a combined 986sqm landholding across three individual titles, providing a substantial future development platform in a prominent village location. For purchasers with a longer investment horizon, the scale and configuration of the combined holding present an opportunity to explore a future flagship development.

Parnell properties offered by international tender

The properties are being offered for sale by international tender, closing Wednesday 2 December, through Bayleys Auckland salespeople James Were and Andre Siegert. Tenders are invited for either property individually or both together, allowing purchasers to pursue a standalone investment or secure control of the wider corner holding.

Secure cashflow combines with value-add opportunities

James Were says the offering combines secure cashflow with tangible opportunities to improve performance and create longer-term value.

“Across the two buildings, purchasers have the benefit of long-term tenancies and existing income, alongside a clear opportunity to enhance returns through leasing the vacant upper-level accommodation at 167–171 Parnell Road.

“Each property has standalone appeal, while acquiring both provides the strategic advantage of controlling a more substantial corner holding, with the potential to explore a future landmark development in a highly sought-after precinct.”

Parnell fundamentals support investor demand

As one of Auckland’s most affluent suburbs, Parnell benefits from a robust professional and hospitality presence, strong local spending power and enduring appeal to businesses and investors. Commercial property in the precinct is often closely-held, with limited opportunities to acquire well-positioned assets of this scale.

City-fringe location strengthens tenant appeal

Andre Siegert says the properties’ location and configuration underpin their appeal across a range of investment strategies.

“Parnell combines the character and amenity of a well-established village with the accessibility of a city-fringe location. Walking distance to Parnell Train Station and convenient access to the CBD, motorway network and surrounding commercial precincts help sustain the area’s appeal to tenants and investors.”