Ponsonby property ideal for add-value investors or occupiers
A tenanted office unit for sale in Ponsonby provides an opportunity for investors to add value or owner-occupiers to secure premises in one of Auckland’s most sought-after city fringe suburbs.
The 128.5m strata-titled freehold property at 47A Brown Street is occupied by a well-established tenant on a month-by-month tenancy.
It is significantly under-rented at $230 per square metre, returning $30,466 in net annual rent.
A new owner could capitalise on Auckland’s tight office market by seeking to negotiate a market rental rate of $350 or more per square metre.
Alternatively, an owner-occupier could take possession of the premises for their own business, taking advantage of the current low interest rate environment.
Colliers International has been exclusively appointed to bring the property to the market for sale by deadline private treaty. Offers close at 4pm on Thursday June 27, unless the property sells earlier.
City fringe sales specialist Hamish Paterson, of Colliers International’s Investment Sales team, says it is a tidy strata investment in a popular Ponsonby location.
“This superbly presented office unit is part of an architecturally designed, four-level commercial and residential building constructed in 2002.
“The property is located in a semi-commercial area of Ponsonby – one of Auckland’s most affluent residential suburbs, which is also a hot spot of retail and hospitality.
“It is located halfway down Brown Street, which extends off Ponsonby Road and is bounded by Richmond Road and Douglas Street.
“The modern interior offers an abundance of natural light, with full-height glazing to the street frontage overlooking a mixed-character streetscape.
“The property provides two off-street car parks in an area where parking is at a premium due to the generally narrow network of local streets.
“It also offers very good proximity to Auckland’s CBD and good accessibility to transport including regular buses and all the main motorways.”
Jonathan Lynch, also a city fringe property specialist at Colliers, says the property has been tenanted since completion by The Architecture Office.
“The business is a boutique architectural firm that offers a range of services including interiors and residential development.
“A new owner could leverage off the long-standing tenancy to negotiate a new market rent, or take vacant possession of the office themselves.”
The property is on the ground floor of a development, on a Business Mixed Use zoned site, that has been strata titled into four units.
The unit comprises a 128.5sq m office plus a 5sq m balcony. Access is at street level directly off Brown Street, or at the rear from the covered car parks beneath the buildings.
The car parks are accessed via a driveway on the southern boundary of the property.
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