Floor in distinctive Parnell Rd building for lease

11:40 AM Monday October 20, 2014 Colin Taylor

112 Parnell Rd in which the first level floor is coming up for lease.

The entire first floor of a distinctive white-washed and schist-clad Parnell building is becoming available for lease with a range of tenancy options on offer from 50 to 200 square metres.

The three-storey building at 112 Parnell Rd, opposite the former Exchange Hotel, has car parking and retail space on its ground floor level and luxury apartments on the top Level Two floor.

Ben Wallace of Bayleys Auckland, who is marketing the space for lease with colleague Matt Gordon, says the commercial office space in the middle Level One floor is currently divided into six separate suites with separate foyer entrances at Bath St and Parnell Rd.

“The suites can be occupied as one combined tenancy – as they currently are by an IT firm which is vacating at the end of the year – or they can be leased individually, or in any combination in between,” Wallace says.

The space for four of the six suites is being rented at $350 per sq m; rising to $355 per sq m for an end unit facing over Bath St; and  $375 per sq m for a Parnell Rd facing end office.

Gordon says the 11-year-old building has an Initial Evaluation Procedure (IEP) of 100 per cent. There are 18 allocated car parks underneath the building and another 22 council-operated car parks within the building structure and a further 11 indoor secured car parks available nearby in Ruskin St.

“It has a well-documented property management history and the exterior of the property is in a ‘like-new’ condition,” he says.

The floor for lease has two communal areas in addition to two foyers and two sets of staff bathrooms with separate shower and changing room facilities.

Wallace says the four middle suites have cantilevered balconies stretching out two metres from the main structure and allowing for an al-fresco workspace.

“The floor configuration has been shown to worl either as individual suites, or as one entire tenancy,” he says. “The landlord is negotiable over reconfiguring space to the requirements of any new tenant and is also flexible on the length of lease terms.

“The current tenant is vacating the premises at the end of this year. Over the intervening four weeks the landlord is undertaking a full interior refurbishment of the property including the installation of new flooring, new wall coverings and a refreshment of the foyer areas to keep them contemporary.”

Wallace says the location at the top of Parnell Rise was once again becoming a destination gateway for ‘high street’ retail and food and beverage operations.

“Japanese restaurant Nori has been an anchor tenant at the Parnell Rd end of the property since it opened in 2003 and is soon to be joined by an Italian food and beverage café and market.

“Well known restaurateur Mark Wallbank, the entrepreneur behind popular eating and drinking destinations Rocco, Moochowchow and the Blue Breeze Inn in Ponsonby, is opening his latest venture in what was the Parnell Bar and Grill building.

“Parnell is undergoing a degree of reinvigoration in the commercial space – particularly in smaller tenancies – and this is emerging in parallel with a retail and food and beverage reinvigoration of the main street premises,” Wallace says.

Gordon cites recent examples of commercial leasing deal concluded in Parnell to demonstrate that the asking leasing rates at 112 Parnell Rd are “in synch” with what other properties are achieving in the immediate vicinity.   

  • 7 Windsor St - 86 sq m of space within Level One has been leased to fashion label Mode Design at a net rental of $331 per sq m; and another 124 sq m of space also within Level One has been leased to Ironman NZ at a net rental of $340 per sq m.
  • 23-25 Falcon St - 688 sq m of office leased to auctioneers Webbs Auction House at a net rental of $350 per sq m.
  • 8A Cleveland Rd - 160 sq m of space within level two of the Cumulus Building along with six onsite car parks has been leased to graphic design agency Brand Hub NZ for a net rental of $323.37 per sq m.

“This property has the additional benefit of coming with car parking options either in the basement level or just a few minutes’ walk away,” Gordon says. “That feature is certainly harder to find in commercial premises on the western side of Parnell Rd.”