"This property really has breadth of potential," says Armstrong.
"Being within the Mixed Use zone allows it to be utilised in various ways — as apartments, integrated residential development, offices, retail, visitor/student accommodation, education facilities or community facilities.
"This flexible zone also allows the property to be developed to a maximum height of 21 metres."
Resource consent has already been granted for additions and alterations to be made to enable a six-level residential property to be developed at the site," Armstrong points out.
The Parnell area has undergone considerable change during the past 15 years, with nearby developments comprising a mix of warehouse and modern office and apartment properties.
"The area has many popular cafes and restaurants, along with boutique shopping. It is a popular destination for tourists and is home to many businesses.
Parnell Rd as a main arterial, has regular bus services and the area can also be accessed by train, with a $12m Parnell station upgrade nearing completion.
"About 19,980 cars travel along Parnell Rise each day during the working week. Parnell Rise being within a stone's throw from York St makes this property very close to motorway access to the north and south.
"It is also close to Auckland Port and is a walkable distance to Auckland CBD," says Hall.
JLL associate director of research Tom Barclay says Parnell has long been popular with investors and in recent times there has been a string of high-profile transactions there, which are testament to the strength of this market.
Barclay says it was recently announced that Augusta Funds Management Ltd is syndicating ownership of the Mansons TCLM new building at 96 St George's Bay Rd, anchored by Xero.
"This was at purchase price of $116m. Other recent sales include: 27 Bath St which sold for $7.21m, 272 Parnell Rd for $15m and 290 Parnell Rd, which sold last year for $7.08m."
