Neighbouring mixed-use properties in Auckland’s popular city fringe suburb of Parnell present buyers with the opportunity to acquire the land of the sites that offer long-term passive income.
65-71 and 73-75 The Strand in Parnell are high-profile properties on a busy thoroughfare that connects Auckland’s waterfront to Stanley Street and have a combined total land area of 2,107sq m. The land is subject to a leasehold interest, which is not offered for sale. The properties can be purchased separately or as a combined offering.
Colliers Associate Directors Kris Ongley and David Burley have been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 10 November, unless sold prior.
Number 65-71 The Strand is a 1,405sq m site with holding income of $200,000 plus GST per annum. Number 73-75 The Strand is 702sq m with holding income of $75,000 plus GST per annum.
Ongley, Associate Director of Investment Sales at Colliers, says these properties will appeal to a range of prospective purchasers with long-term security on offer based on the existing leasehold arrangement.
“This is an excellent passive investment opportunity, and the new buyer will find themselves with either one or two prominent sites that will not require any maintenance,” Ongley says.
“These are highly visible properties with dual frontage in an area of Auckland that continues to experience significant commercial and residential investment with exceptional future growth potential.
“Parnell has seen significant development in apartments, showroom retail buildings, and office blocks recently given its convenient city fringe location that offers excellent connectivity to public transport links.”
The strategically located properties are also close to State Highway 1 where traffic can head north or south with ease.
“These sites offer dual access from The Strand and Augustus Terrace and landholdings such as these ones are in scarce supply in Parnell with very few ever reaching the market,” Ongley says.
Both properties are zoned Business – Mixed Use Zone under the Auckland Unitary Plan and this designation is typically located around centres and along corridors served by public transport.
It also applies to areas where there is a need for a compatible mix of residential and employment activities. The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
Burley, Associate Director of Investment Sales at Colliers, says there is vast future potential in these properties due to the flexible zoning.
“The zone does not specifically require a mix of uses on individual sites or within areas. There is a range of possible building heights depending on the context,” Burley says.
“There is potential for the new owner to develop if they were able to obtain the leasehold interests of these properties in the future. Parnell’s ever-developing landscape offers a range of future options given it is one of the city’s most dynamic suburbs.
“This is a highly sought-after location among investors, and we expect there will be significant interest in these properties and encourage prospective purchasers to do their due diligence and contact us immediately.”