Two assets, one opportunity in Parnell

A multi asset commercial holding in the heart of Parnell is for sale, comprising a standalone freehold two level character building and a substantial car parking portfolio.

The combined offering provides investors and potential owner occupiers with immediate income, scale, diversified cashflow with split risk, and a strategic foothold in one of Auckland’s most consistently sought after city fringe suburbs.

Occupying an 864sqm freehold site, the fully leased building at 7 Windsor Street sits adjacent to two of Parnell’s most recognisable heritage landmarks, the former Windsor Castle Hotel and the former Heards confectionery factory.

The building delivers around 758sqm of ground floor retail and office accommodation, including a 45sqm loading dock, supported by a further 587sqm of upper level office space. A comprehensive 2014 refurbishment and upgrade, including seismic strengthening to 75 percent NBS, means the building meets modern compliance and operational standards.

A mix of established businesses including Levi Strauss, Blackbird Finance, Vaniye Patisserie, and Reidy and Co. operate from the property, with several tenants in occupation for more than a decade, reflecting the building’s appeal.

Complementing the Windsor Street asset is a significant off street parking component with 31 secure, undercover car parks and two storage units located at 1/1 Ruskin Street within the mixed-use commercial/residential Heard Park Apartments complex. Access to the car parks and storage units is via a secure roller-door entry off Ruskin Street.

The parks are leased to a mix of Windsor Street tenants and external commercial users, delivering a high-demand, low-volatility income stream that strengthens the asset’s risk profile, enhanced by minimal maintenance requirements and consistently stable occupancy.

Together, the two properties generate $640,240 annual net income plus GST and outgoings, with various structured rent reviews and built-in increases providing defined income growth and supporting future yield resilience.

Mike Adams and Ben Wallace of Bayleys Auckland Central are marketing 7 Windsor Street and Unit 1/1 Ruskin Street, Parnell, Auckland as one lot with tenders closing Tuesday 23rd June, unless sold prior.

The two assets were acquired by the long-term vendor separately, and Adams says the well-considered addition of the carparking component was an astute and market-driven decision that significantly enhances the value proposition.

“Securing parking for both the tenants of the Windsor Street commercial building and for leasing to the business community reflects strategic foresight and adds tangible value in a suburb where secure parking remains scarce.

“The car parks provide additional passive income and it’s a low-maintenance, low-input asset that definitely elevates the offering in the current market.”

The favourable Business – Town Centre zoning supports the long-term flexibility and future upside of the Windsor Street building as Parnell continues to demonstrate strong defensive characteristics across market cycles.

“Commercial property is typically held inter-generationally, and freehold stock in Parnell is exceptionally tight, with standalone assets of this scale and zoning rarely brought to market,” says Adams.

“The zoning supports a broad range of commercial, residential, cultural, and community uses, providing future options for repositioning or redevelopment.”

The properties are located less than 50 metres from Parnell Road and a short walk from the Parnell Train Station. Windsor Street’s residential character, proximity to Parnell Rise hospitality and retail, and ease of access to the Auckland Domain, CBD, and motorway network further reinforce the location’s long term desirability.