Parnell city fringe office building

This boutique two-level office building at 92 Parnell Rd comes with three onsite car parks. Photo / Supplied

The vacant first floor of a two-level building for sale at 92 Parnell Rd is available for immediate occupation while a tenant on the ground floor is on a short-term lease.

"The beauty of this building is its versatility," says Phil Haydock of Bayleys who is marketing the property, featured in the agency's latest Total Property portfolio magazine, for sale by tender closing at 4pm on Thursday June 13.

Haydock says the 407.9sq m standalone building positioned on an under-developed 379sq m freehold site has three onsite car parks.

The building has an Auckland Council valuation rating of $3.2m and has two well-presented commercial tenancies, each self-contained with its own kitchen and bathroom facilities.

Level one of 218.97sq m has the added benefit of a small balcony along the Parnell Rd frontage.

"The turn-key top floor is a self-contained commercial office premises, but also lends itself well to conversion into a trendy central Auckland apartment - ideal for a buyer seeking a home and income or live and work type property."

Haydock says the ground floor is occupied by a law firm and also consists of a well-presented commercial office.

"However, its high-profile ground floor position with a frontage on to busy Parnell Rd makes it ideal for retail use, potentially by a food & beverage operator."

He says the 188sq m level will be available in February next year when the tenant's lease expires. In the meantime, the tenant's yearly rent of $62,372 plus GST net provides holding income for a few months while a new owner considers plans for the site.

"The property presents a broad range of opportunities for add-value investors and owner occupiers including refurbishment, residential conversion or a more comprehensive redevelopment of the site."

The property is adjacent to the four-level Geyser building - a well-known Parnell landmark with six green star-rating.

Haydock says the smaller 92 Parnell Rd structure could be demolished to make full use of the site with the construction of a three to four storey building, similar to neighbouring properties.

"Leveraging off the favourable zoning and strong commercial and residential appeal of the double Grammar zone location, such a development could include a combination of retail, offices and residential above.

"The Parnell location is one of the properties greatest attributes; giving quick access to the all the major motorways systems, the Auckland CBD and waterfront which are just a short drive away," he says.