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Occupancy demand underpins value proposition for dual-access city-fringe site

The functional building on 309sqm (more or less) of freehold land at 19 Falcon Street is in a prime position located within Parnell’s commercial precinct and a block away from the new Parnell Train Station.

Bayleys Auckland City & Fringe associate director James Were says the adaptable premises is well-positioned to capitalise on improving occupier fundamentals as businesses increasingly seek to expand their bricks and mortar presence with high-quality accommodation adjacent to central business areas.

“Documented capacity constraints are seeing firms work harder to attract talent and improve company culture in the wake of the pandemic and ensuing work-from-home phenomenon. As a result, operators are looking to high-quality commercial premises in well-connected areas as the solution, which is resulting in greater enquiry for versatile and vacant accommodation.

“In Auckland’s city-fringe locales, opportunities are scarce, particularly for suitable sites with favourable zoning fundamentals and connectivity to transportation networks.

“Following an emphasis on staying close to home during the pandemic, firms are returning to central and fringe business districts, realising the upside benefits of simplified access for logistics, productivity and transportation costs,” he says.

Were is marketing the Falcon Street premises for sale with Bayleys colleague Phil Haydock.

The property is offered for sale by tender closing at 4:00 pm on Thursday, 20th April 2023 (unless sold prior).

Comprising two separate tenancies with their own street presence and a combined floor area of 464sqm including 100sqm of mezzanine (more or less), the premises is offered with vacant possession, providing opportunities for a range of purchaser types, including owner-occupiers, add-value investors and developers.

The two-level building with a seismic assessment of 100 percent of New Building Standard was constructed circa 1970 and occupied by a coffee shop, yoga studio and professional offices.

Bayleys Auckland City & Fringe associate director Phil Haydock says previous use demonstrates the asset’s utility, and the open-plan configuration and high-stud height will appeal to a wide range of end users.

The tenancy fronting Falcon Street totals 182sqm (more or less) and features four exclusive car parks.

The second tenancy at 24 Cheshire Street is also 182sqm (more or less) plus two car parks which are subject to a road widening designation being exercised.

“Undoubtedly, one of the most attractive attributes of the property is its strategic location adjacent to the CBD, proximate to key transport links, Universities, Auckland City Hospital and Parnell’s vibrant suburban village.

“It benefits from a location within the coveted ‘Double Grammar’ school zone, which indicates eligibility for residents’ children for schooling at Auckland Boys and Epsom Girls Grammar.

“In addition to the location and flat, rectangular-shaped site, preferable zoning fundamentals, including zoning within the Business – Mixed Use environment, which allows for intensive development to 27m, provides future value uplift potential for developers looking to maximise the site’s potential long-term.

Business – Mixed Use zoning under the Auckland Unitary Plan allows for moderate-to-high intensity as residential and non-residential activities are encouraged.

Mr Haydock says this underpins the property’s attractiveness as an investment in the current climate, given operators can occupy themselves, supplementing income with an additional tenancy, while looking to complete add-value renovations or redevelopment further down the line.

“Increasingly, investors are looking to future-proof their portfolios by seeking well-maintained assets in high-growth areas that offer upside potential from strong occupancy demand and local area growth projections.

“This well-positioned Parnell property ticks all the boxes, being well-located near key transit hubs, including the Ports of Auckland and the new Parnell Train Station,” he says.

Click here for more information on this listing.

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