Mixed retail and residential opportunity in central city

Evan Parry House, in Princes St, Dunedin. PHOTO: PETER MCINTOSH
Evan Parry House, in Princes St, Dunedin. PHOTO: PETER MCINTOSH
Future growth in Dunedin and short supply of commercial properties is expected to attract a wide range of potential buyers to a central city office and retail tower, the selling agent says.

Last week, Evan Parry House, in Princes St, went on the market.

The nine-storey building, which was built to the late 1970s, sits on 495sqm of freehold land with about 2720sqm in total lettable area.

Part of the building was tenanted and had one hospitality outlet on the ground floor.

The Dunedin City Council rates database listed Evan Parry House Ltd — a Christchurch-addressed company owned by Jianping Wang — as the building’s owner.

It also listed its capital value at $4.1 million and land value at about $1 million.

Dunedin had a short supply of rental options in the central city, Colliers director and selling agent Dean Collins said.

It was one of the first larger commercial properties in Dunedin to be sold on the open market this year, he said.

Given its location, the building could attract investors looking for a new property, owner occupiers or someone wanting to convert it into apartments.

Dunedin had a "very strong" owner occupier market, Mr Collins said.

There was "considerable demand" for office space and rental rates were forecast to grow as constrained supply continued to impact the Dunedin market.

The total number of commercial and industrial sales had grown significantly in the past three years, Mr Collins said.

Major infrastructure projects in the city would also make it "highly appealing" to prospective buyers.

Mr Collins said Dunedin was sitting in a very positive position with multiple developments under way, such as the new hospital build and the new ACC office in Dowling St. Plus ongoing investment by the University of Otago which would all benefit central city businesses.

Mr Collins regularly had out-of-town businesses inquiring about moving to Dunedin because of those projects.


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