An iconic three-level heritage building on Ponsonby Road with a prominent retail presence and four apartments will appeal to owner-occupiers and add-value investors searching for high-quality assets in a popular central location.
129-131 Ponsonby Road features a 187sq m ground floor retail shop operating as a fruit and vegetable store and florist and is located across the road from the thriving Ponsonby Central and SPQR restaurant.
There is 600sq m of residential space, comprising one two-bedroom apartment, two three-bedroom units, and one five-bedroom apartment. The net annual income for the whole building when fully leased is $239,577. There are also four secure basement car parks that are utilised by the apartment tenants and one open car park at the rear of the building.
Colliers Directors Jonathan Lynch, Kris Ongley and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 20 October, unless sold prior.
The character building was constructed in the 1920s, while the apartments were added in the late 1990s.
FAZNAB Limited, trading as a fruit and vegetable shop and florist, is the retail tenant – the site was previously occupied by the Bhana brothers for approximately 70 years – and the current term, which provides a net annual rental income of $79,842 plus GST, expires in November.
There are three two-yearly rights of renewal in place with a final expiry in November 2027 but, Lynch, Associate Director of Investment Sales at Colliers, notes there could be potential to occupy or utilise this tenancy much earlier than the final expiry date.
“The retail component has been previously utilised as two tenancies, however, it has now been opened up into one tenancy,” Lynch says.
“This retail offering has a wide 10.1m frontage to Ponsonby Road and could easily be transformed back into two separate tenancies when the timing is right. This could potentially generate a much higher rental rate, providing future upside.
“The high level of foot traffic on Ponsonby Road coupled with the site’s strategic position makes this a prime location.”
Apartment one is an open plan 106sq m two-bedroom unit situated directly behind the northern retail area, while apartment two is a 165sq m three-bedroom split level offering with a deck.
Apartment three, a 170sq m three-bedroom unit, has an open plan lounge and dining, while apartment four is 159sq m, has five bedrooms, and is situated on the Ponsonby Road frontage.
Ongley, Associate Director of Investment Sales at Colliers, says Ponsonby Road offers excellent bus networks and is closely located to numerous motorways.
“The upper levels command fantastic views to the east and northeast across Freemans Bay to the Auckland CBD, making these highly attractive dwellings,” Ongley says.
“There is a strong demand for quality rental properties in Ponsonby due to its popular location and proximity to central Auckland.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says Ponsonby is one of Auckland’s most loved and fashionable commercial precincts.
“All commercial activity is focused around the well-known and hugely popular Ponsonby Road, long considered a darling of the Auckland retail and entertainment industries, which extends some 1.7km along the Ponsonby ridgeline,” Prentice says.
“Renowned for fashion retail and numerous cafes, restaurants and bars, a more recent trend of metropolitan office development has driven commercial activity in Ponsonby to a new level.”
The Property is zoned Business - Town Centre Zone under the Auckland Unitary Plan. This designation applies to suburban centres throughout Auckland, the satellite centres of Warkworth and Pukekohe, and the rural towns of Helensville and Wellsford. The centres are typically located on main arterial roads, which provide good public transport access.