The largest privately owned freehold site on the cityside of Ponsonby Road has come up for sale for the first time, affording the new owner endless opportunities to add-value through a refurbishment programme, a complete redevelopment or simply land bank for future value gains.
The highly prominent Ponsonby landholding of over 2,000 sqm on four contiguous titles has the prestigious addresses of 239, 243 and 245 Ponsonby Road and 42 Arthur Street, but is potentially more recognisable from the central landmark building that is known by many as Joe’s Bargain House, but was home of Media Works and more recently Lululemon.
With the four titles offered to the market simultaneously for the first time, the combined landholding of 2,058 sqm on Ponsonby’s ridgeline is one of the most highly sought-after addresses for commercial, retail, and residential property alike, according to the Colliers brokers who have been exclusively appointed to sell the sites.
Associate Director Kris Ongley, who is marketing the properties alongside colleagues David Burley and Gareth Fraser says the properties present a significant opportunity for a discerning buyer to unlock the potential of the sites and are expecting strong interest from a wide range of purchasers.
“There is an unmatched opportunity to unlock the potential of a strategically located site in one of Auckland’s most popular areas.
“The property is superbly located on the acclaimed Ponsonby Road, with all the amenity that the suburb offers as well as being on the doorstep to Three Lamps village and the city centre just 2 kms away.
“As one of very few large landholdings on the cityside of Ponsonby Road, this is genuinely trophy real estate that has significant add-value potential.
“The properties boast a combined 45m of coveted Ponsonby Road frontage and dual access from Arthur Street provides additional flexibility.
“The elevated positioning on Ponsonby’s ridgeline offers breathtaking views across Freemans Bay and Waitemata Harbour to Rangitoto, and an uninterrupted vista of the CBD’s skyline.
“With mixed zoning including Business -Town Centre Zone, potential uses could include commercial, office, residential, accommodation or retail, making the site’s potential hard to overstate,” says Ongley.
Colliers’ city fringe investment sales specialist David Burley says Ponsonby is a revered commercial and residential suburb.
“Ponsonby is one of Auckland’s most loved and fashionable commercial precincts as well as an affluent residential neighbourhood.
“Most of the area’s commercial activity is focused around Ponsonby Road, a 1.7km stretch of road along the ridgeline that’s long been considered the darling of Auckland’s retail and dining scenes.
“Renowned for its trendy shops, cafes, bars and eateries, the recent development of more metropolitan offices has taken the area’s commercial scene to a new level.
“This site benefits from straddling both the commercial and residential sides of Ponsonby, an advantageous position for undertaking either residential or commercial development, or a mix of both.”
Colliers Auckland Director of Investment Sales Gareth Fraser says the properties can be purchased in its entirety or individually, providing options galore for discerning buyers.
“The properties are in four separate titles that can be purchased as singular assets, in blocks of two or three, or as an entire site for expansive redevelopment.
“For investors looking to take a smaller slice, the individual titles offer ample potential through repositioning of the existing improvements.
“Well known by many as Joe’s Bargain House, then the home of Media Works and more recently Lululemon, the landmark Category 2 heritage building at 239 Ponsonby Road is a large commercial character building with huge refurbishment or add-value potential,” says Fraser.
Comprising approximately 2,300 sqm of net lettable area over four floors on a 948 sqm freehold site, the property has dual access from Ponsonby Road and Arthur Street with basement parking.
This property is largely vacant but has holding income from two tenants with net annual income totalling approximately $141,514 + GST.
Fraser says the building’s obvious external character is rivalled inside with high stud ceilings, exposed brick, timber floors and exposed truss ceilings on the upper level.
“Boasting incredible views across Freemans Bay, Waitemata Harbour and the city skyline, combined with its location, character and flexible town centre zoning, 239 Ponsonby Road is a refurbishment opportunity rarely seen in the Auckland market,” says Fraser.
The property at 243 Ponsonby Road is an original two-storey villa sitting on a 463 sqm freehold site.
Fraser notes that the property was most recently used as a commercial building and is configured as a series of separate rooms with a central hallway and staircase leading to the lower floor and out to a generous backyard.
“It has spilt zoning including Business Town Centre and Residential Single House and benefits from dual access from Ponsonby Road and Arthur Street.
“The availability with vacant possession offers the purchaser multiple options that could include refurbishment into a private residence or commercial building, as an individual development site or part of a wider multi-site redevelopment.
The northern most property is 245 Ponsonby Road, a three-storey villa on a 371 sqm freehold site provides similar refurbishment or development options through its Business Town Centre zoning.
The current configuration consists of two ground level commercial tenancies and several potential first floor residential tenancies with four car parks.
The final property on offer is 42 Arthur Street, an original two-level residence with abundant character on a 278 sqm freehold site.
“As part of the combined landholding, 42 Arthur Street presents strategic access benefits to the neighbouring properties, that would be beneficial in a larger redevelopment project. As a standalone residential offering it offers a blank canvas to a willing buyer,” says Fraser.
Ongley concludes by saying, “whether you’re looking for smaller scale development opportunities or a more extensive venture, this is truly a one-of-a-kind opportunity to purchase tightly held assets in one of Auckland’s most affluent and well-connected neighbourhoods.”
Colliers are accepting Expression of Interest by 4pm Wednesday 26 May.