Elusive Parnell car parks up for auction

The car parks are now leased to a range of individual tenants for between $50 and $60 a week. Photo / Supplied

Fifteen secure, covered, car-parking units on separate freehold titles will be auctioned on behalf of Parnell Carparks at 6-8 Heather St, Parnell, on August 25 at 11am at Colliers' offices at 151 Queen St.

Located in the Arena Apartments development on the corner of Heather and Cheshire Sts, the units occupy the lower level of the development, incorporating three levels of car parking.

"This is a great passive investment opportunity," says Colliers broker John Davies, who is marketing the car parks with colleague Charlie Oscroft.

"It is exactly what many private investors are looking for: a mixed use zoning in a prime fringe-CBD location. We are already receiving considerable interest from people looking to buy into Parnell real estate at an accessible level and with the bonus of potential rental growth."

Davies adds that private investors and family trusts have already been attracted to the property by return levels above bank term-deposits.

The frontage of the building is on Heather St, just set back from Parnell Rd and down from Mink Cafe.

Access to the car parks is from Cheshire St.

Providing an annual rent approaching $45,000 a year, the stratum in freehold property is in a prime fringe-CBD locality in Parnell, says Davies.

"The car parks are currently leased to a range of individual tenants for between $50 and $60 per week.

"The strong demand for office and retail space in the area, and a number of apartment buildings, results in a high demand for car parks in the vicinity - which offers potential for rental growth," says Davies.

"A great feature of this type of investment, as well as the continual demand for car parks, is the flexibility for the owner to sell down the 15 spaces in single or multiple lots."