A freehold three-storey office building at 24 York St, Parnell, which has considerable flexibility for potential residential conversion because of its Mixed Use zoning, is being offered for sale by Reese Barragar of Barfoot & Thompson Commercial via deadline private treaty closing at 4pm on Wednesday, September 26 unless it sells prior to that date.
"This building was originally constructed in 1970 and was leased to AC Hatrick in 1971," says Barragar. "It comprises a small office development with an open breezeway parking area on the ground floor and two upper floors of offices accessed by a single stairway. Although the interiors of the premises are rather plain, it has extensive window joinery to the front and rear and a distinctive front facade with protruding bay windows."
The total building area is 598.5sq m, comprising 295.5sq m on level one and 303sq m on level two, with on-site covered parking for 19 vehicles. The building occupies a freehold site of 427sq m.
"The first floor is currently vacant and the tenant on the second floor is quantity surveying firm Kingston."
Barragar says the objective of the Mixed Use zoning under the 1999 Auckland City District Plan was "to cater for retail, residential and commercial activity at an appropriate scale, taking into account the existing built environment and proximity to the surrounding commercial and residential areas".
In addition to offices, permitted activities under the zoning include educational facilities and care centres, warehousing and storage, cafes and eating places, and entertainment, assembly and retail uses of less than 500sq m.
"The zoning provides for considerable flexibility for potential residential conversion, a very positive investment feature," says Barragar.
"As continuing residential development has taken place, there has been a keen demand for existing buildings in the northern sector of Parnell from owner occupiers and investors looking to make residential conversions and also for occupation as commercial premises."
The property generates total net annual rent of about $85,000.
The construction of the building is reinforced concrete founds, with concrete columns and beams supporting precast concrete flooring. The boundary walls are concrete block with mainly aluminium window joinery to the front and rear and longrun iron roofing.
There is a tiled entry foyer providing access to a stairway leading to the first and second floor levels. The office floors have suspended acoustic ceiling tiles with modern fluorescent lighting on the first level and surface mounted fittings on the top level.
Barragar says the carpets were replaced quite recently, while air conditioning comprises incremental units on the top floor and a ceiling ducted system on the first level.
York St is situated in the northern sector of the Parnell commercial area and is one of a series of narrow streets extending off the lower portion of Parnell Rd.
"This area is one that has undergone considerable change over the last 10 to 15 years, with nearby developments comprising a mixture of some remaining older warehouse structures, more modern office buildings, including this property, and new apartment conversions," says Barragar.
"The building is handy to local commercial facilities in central Parnell Rd, where a wide range of retail outlets are concentrated around the Parnell Village area including a number of fashionable restaurants and bars. It is also relatively close to the waterfront and downtown Auckland, as well as having quick access to State Highway One and State Highway 16."