Character block meets fringe demand

A refurbished Art Deco block of freehold residential investment flats has gone up for sale at a standout corner site in the desirable Auckland suburb of Parnell.

Known as ‘Park Drive’, the attractive 1940s-character property is a prominent sight on Parnell Road. Its five residential units encompass four two-bedroom flats and a one-bedroom unit.

Powerful residential appeal is assured by a city-fringe location beside Auckland Domain – amid abundant hospitality and retail offerings and transport links, and in the prized ‘Double Grammar Zone’ for Auckland Grammar and Epsom Girls Grammar schools.

An underlying freehold site of 619 square metres, and intensive Mixed Use zoning, supports future potential for residential or commercial occupancy and redevelopment.

The freehold land and buildings at 511 Parnell Road are being offered to buyers with vacant possession, by way of a tender closing on Wednesday 9 September (unless sold prior).

The sale is being marketed by Damien Bullick, Alan Haydock and Fleur Denning of Bayleys Real Estate.

“Recently renovated and ready for immediate occupation, this property is now set to capitalise on the demand for quality self-contained accommodation in this sought-after residential suburb on the CBD fringe,” says Bullick.

“Character original deco features remain throughout the property, alongside some tasteful modernisation of kitchen and bathrooms. The property also benefits from a sunny shared outdoor courtyard at the rear of the property.”

Haydock says the generous landholding, high-profile Parnell corner position, and intensive zoning support other longer-term possibilities.

“A variety of commercial, residential and mixed-use activities, and a maximum building height of 18 metres, are permitted by Business – Mixed Use zoning under Auckland’s unitary plan. Numerous successful developments in surrounding areas offer a glimpse into the potential scope of future projects,” Haydock says.

Denning says Parnell has established a reputation as one of Auckland’s most coveted areas for residential living, retailing, and commercial and hospitality operations.

The immediate area is home to a mix of original character homes, medium-density residential developments, and light-commercial and retail properties.

“The nearby Parnell Road retail strip features award-winning restaurants and retailers, along with some of the city’s most sought-after commercial properties. A short walk in the opposite direction lies Newmarket's famous Broadway retail strip, home to the Westfield Mall.

“This location also offers excellent access to major centres of employment in the CBD and the Newmarket and Parnell commercial hubs, while Auckland City Hospital and Auckland University’s Newmarket campus are also within easy walking distance,” says Denning.

Wider connections are well supported by public transport, and the motorway network is within easy reach via Grafton gully, she says.