Massive Auckland CBD landholding sells to car park operator

One of the largest remaining underdeveloped freehold land holdings in the Auckland central business district has been sold.

The 2.891 hectare site - which has frontage onto Cook, Nelson, Wellesley and Sale Streets - has sold for an undisclosed sum to business interests associated with car park operator Tournament Car Parking Ltd.

Tournament Car Parking Ltd is a New Zealand-owned company which has been managing car parks for more than 13 years. The company currently owns or operates 76 car parks - in Auckland, Hamilton, Wellington and Christchurch. Tournament has been managing car parking services on the Cook/Nelson/Wellesley/Sale streets site for several years.

The substantial hillside location was previously owned by Auckland-based property developer Doug Rikard-Bell and his company R L Investments No 2 Ltd. The property was originally Auckland City Council’s works department depot - with many of the depot’s former buildings still remaining on the site.

The confidential sale was brokered by Bayleys Real Estate Ltd through the company’s senior commercial salesperson Robert Platt and executive director David Bayley. An extensive international marketing campaign to sell the site was conducted at the end of last year – with eight tenders received by the December deadline.

Doug Rikard-Bell and R L Investments No 2 Ltd acquired the freehold interest in the site in 2008, and achieved a flexible mixed-use resource consent for a 148,000sqm master plan with multiple mixed-use buildings, and more than 3000 car parks.

The huge site encompasses four titles, which were for sale individually or collectively. The block includes:

Land with frontage into Sale Street, consented for a planned mixed-use residential and commercial development.

Another residential and mixed-use development site fronting Wellesley and Nelson streets.
Approval for a substantial car parking complex fronting Cook and Morton streets.

A high-profile corner site of Nelson and Cook streets suited for a large-scale commercial office development.

Robert Platt said Tournament Parking Ltd would continue to retain car parking amenities on the site, and had no immediate plans to implement any of the location’s previous development opportunities at this stage.

“The new owners have a vision to refurbish the existing depot buildings and create exciting commercial spaces which will be available for lease for the first time on long-term tenure,” Mr Platt said.

“This will inject a whole new lease of life into this part of Auckland’s CBD and create its own precinct - supported by an abundance of car parking. Reconfiguration of the existing spaces will be determined by tenant demand and we anticipate strong interest will come from businesses seeking large format showroom space which is almost impossible to find in this location” Mr Platt said.