Tightly held Parnell retail investment with future redevelopment potential

Parnell’s Gladstone Road shops for sale

Parnell’s well-known Gladstone Road shops are on the market, offering investors a chance to acquire a prominent retail strip in one of Auckland’s wealthiest and best-positioned suburbs.

Located near the Parnell Rose Gardens, only five minutes’ drive from Auckland’s CBD, the property features a mix of retail, medical and residential tenancies on a high-profile 818sq m site.

Colliers International city fringe specialists David Burley and Kris Ongley have been exclusively appointed to market 64 and 72 Gladstone Road for sale by deadline private treaty.

“The property comprises two adjacent buildings with eight commercial tenancies and five residential units, returning a combined income of $406,651 plus GST in net annual rent,” says Burley.

Offers on the property close at 4pm on Wednesday 21 November, unless it sells earlier.

Burley says it is an exceptional opportunity to acquire a tightly held Parnell retail investment with future redevelopment potential.

“The Gladstone Road shops are well known among both Parnell residents and the many thousands of visitors who flock to the Parnell Rose Gardens every year.

“The property is prominently located in the same block as the local medical centre and the popular Hip Group eatery Rosie.

“Neighbourhood Centre zoning allows for development of up to three levels, providing flexibility for future add-value redevelopment.

“This is a chance to acquire an outstanding multi-tenanted property with a sought-after location, a diversified split-risk income stream and abundant potential.”

The property is on two separate titles, each returning diversified incomes. The titles are for sale either individually or together.

The 473sq m freehold title at 64 Gladstone Road, on the corner of Avon Street, comprises a two-level building with retail on the ground floor and residential on the first floor.

Built in the 1960s, it has six retail tenancies with a combined area of 275sq m and four one-bedroom apartments with a combined area of 156sq m. A 150sq m service and driveway area is to the rear.

The retail units are leased to a butcher, greengrocer, convenience store, sushi shop, fish and chip takeaway outlet and liquor store.

The property returns $301,919 plus GST in annual rent, of which some 72 per cent is generated by commercial tenancies.

The 345sq m title at 72 Gladstone Road, immediately to the north of 64 Gladstone Road, has a mix of commercial and residential tenancies.

It comprises a 1920s wooden house with a more recently constructed concrete block addition at the front. A pharmacy and a physiotherapy clinic occupy a total of 115sq m at the front and side.

The 60sq m one-bedroom residential unit, with a 70sq m garden area, is at the rear down a 100sq m driveway.

The property returns $104,732 plus GST in net annual income, of which almost 73 per cent comes from the commercial tenancies.

Ongley says the Gladstone Road shops are uniquely positioned within Parnell.

“Located off the main Parnell Road retail strip but still commanding a high-traffic position, the property couldn’t have a more appealing location.

“The property is close to Judges Bay and the Parnell Baths, and within walking distance of the Auckland Domain, Spark Arena and Tamaki Drive.

“It is easily accessible, being located close to Auckland’s main motorway junction, bus routes, walkways, bike paths and the newly opened Parnell Train Station.”

Ongley says the property’s Neighbourhood Centre zoning applies to single corner stores or small shopping strips in residential neighbourhoods.

“Properties with this zoning are limited in number, making this a rare opportunity to secure a scarce landholding.”

The wider Parnell area is one of the best-established suburbs in Auckland.

It offers a distinctive village atmosphere along with an appealing mix of residential, retail and commercial premises right on the doorstep of Auckland’s CBD.

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