A commanding dual-access property elevated above one of Auckland’s most sought-after commercial precincts is now available for sale, allowing purchasers to leverage immediate returns and an active resource consent unlocking the site’s future development potential.

Bayleys capital markets director Cameron Melhuish is marketing the property at 59-63 The Strand for sale by tender closing at 4:00 pm on Monday, 14th April 2025 (unless sold prior), alongside colleague David Bayley.

Melhuish says the building’s exposure, with a prominent presence on The Strand and a second frontage to Augustus Terrace, provides exceptional visibility in a highly connected location, with the added benefit of two levels of rooftop car parking, providing space for 75 vehicles.

“The 3,468sqm (more or less) building is a striking example of the successful blend of historical elegance and modern sustainable design. Originally built in the 1960s, it has been substantially refurbished to an exceptionally high standard, including air-conditioning, a new elevator, structural improvements and modernisation of the building’s security and access systems.

“On the ground floor fronting The Strand, are two high-stud showrooms with large windows, extensive glazing and self-contained facilities. These impressive spaces, previously automotive workshops, now host tenants including premium kitchen designer KitchenHaus, and high-end furniture retailer Refined Living.

“Upper levels feature three office floors, which have been updated with polished concrete floors, high-stud heights, and modern amenities to provide a versatile, functional environment for professional tenants,” Melhuish says.

The property is fully occupied by nine tenants, generating a total net income of $1,738,068 plus GST pa, which provides a stable and diversified cash flow across office space, showrooms, car parking and other leased areas.

“The variety of income-generating opportunities ensures ongoing financial stability while mitigating risk through a strong tenant base, including globally recognised companies such as digital commerce agency Overdose Digital and consumer analysis firm Parrot Analytics.”

Bayleys executive director David Bayley says that while the current rental income from a dashboard of established multinational tenants is appealing, what truly sets the Parnell property apart is the opportunity for future development.

“Resource consent has been granted to construct 28 spacious two-and-three-bedroom apartments atop the existing building, extending appeal to add-value developers.

“A second resource consent is also in play for a 29sqm billboard, set to capture exposure to approximately 120,000 passing vehicles daily, offering an additional income or promotional opportunity.”

Bayley says the immediate area is undergoing continuous rejuvenation, with former industrial warehousing giving way to high-value commercial and residential development.

Recent projects in the area include the La Quinta Hotel by global chain Wyndham, and several high-profile Green Star-rated buildings which reflect ongoing transformation and growth.

“Parnell is of the city’s premier precincts with notable galleries, cafes, restaurants and boutique retail. It is a short distance to Auckland’s CBD, Newmarket, Grafton and the Ōrākei connection Tāmaki Drive – ideally placing it for businesses and future residential development.

“With increasing foreign investment sought for New Zealand’s economic development, the subject property presents an ideal opportunity to secure an asset that combines immediate cash flow with future development potential in one of the most connected and desirable pockets of the city.”