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Heritage building on Ponsonby Road for sale

NZ_AucklandCBD_Communications_Heritage building on Ponsonby Road for sale

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.


Related Experts

Jonathan Lynch

Associate Director

Auckland

Senior expertise in Commercial Property Sales and Leasing in central and city fringe Auckland. Completed over $500 million+ sales transactions over the previous 9 years since joining in early 2010 with a focus on investment properties, mixed-use developments, redevelopment sites comprising under-utilised improvements, land sales and office, retail and warehouse leasing.

BBS Degree (Massey University) majoring in Real Estate; 10 years of business development experience in the FMCG sector and previous role as a property manager at Jonmer Projects providing a comprehensive understanding of key drivers in both general business and the property market, together with the added benefit of an appreciation of client liaison & needs.

Client feedback example:

"I'm delighted to be able to offer the sincerest thanks from the owners of 36 Rossmay Terrace and 52 St Lukes Road. Your diligence and professionalism throughout every aspect of these campaigns for the sale of both properties was a strong factor in the extraordinary results achieved for the vendors in each case.

I would be readily recommend you as a 'dream team' within the superb Colliers group." - Parnell Services Limited (for Jonathan Lynch & Hamish Paterson)

Please contact me on 021 900 611 for all or any commercial property advice

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Kris Ongley

Associate Director

Auckland

Kris is an Associate Director in Colliers' central Auckland Investment Sales & Syndication divisions.  He has worked professionally in the commercial property industry since 2005 first as a commercial property solicitor in Auckland and Wellington and since 2012 as a broker with Colliers International.

MARKET SPECIALISATION

Kris specialises in the sale of commercial assets and development sites Auckland city's central commercial areas. He is also part of Colliers’ Syndication division which acts on behlaf of syndication clients raising equity from private investors to acquire large investment and institutional-grade assets.  

 

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Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specialising in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the "Golden Gavel" for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $550 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore. 

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