Parnell, Auckland

As exclusive agents, JLL is pleased to present for sale via Public Tender, 16-18 St Stephens Avenue, Parnell.JLL has been exclusively appointed to market the ground lessor's freehold interest in this substantial 1,715sqm (more or less) landholding on the coveted northern slopes of Parnell – Auckland's oldest and one of its most prestigious suburbs. The asset delivers a highly secure and passive net income stream of $540,000 plus GST, if any, per annum, underpinned by a perpetually renewable ground lease. The lessee is responsible, at its cost, for keeping and maintaining the improvements and grounds, paying all council land and water rates, organising and paying insurance and all other outgoings.The investment is structured for significant long-term growth, with a defined rental review in 2041 designed to capture 21 years of compounded land appreciation in one of Auckland's most supply-constrained residential precincts.Key investment highlights: Rare and passive income: $540,000 net p.a. plus GST, if any, secured by a perpetually renewable ground lease across 18 apartment owners – with minimal landlord obligations.Embedded rental reviews: A 21-year rent review cycle resets in 2041, positioned to capture decades of premium Auckland land value growth.Prime blue-chip address: Situated on St Stephens Avenue – one of Parnell's most sought-after streets – within Auckland's oldest suburb and consistently one of New Zealand's top three most affluent.Location and outlook: The north-facing land sits in one of Auckland’s most coveted residential addresses, flanked by premium dwellings and distinguished heritage buildings that define the enduring character of St Stephens Avenue. For sale by way of Public Tender closing at 4pm (NZST) on Thursday, 11 June 2026.