Long held Ponsonby Rd shops on the block
Exterior elevated view of block of three shops up for auction at 293-297 Ponsonby Rd.
A block of three shops at the College Hill end of Ponsonby Road will go under the hammer next month after being in its current ownership for close to half a century.
The single level 170 sq m building, on a 366 sq m freehold site with future development potential at 293-297 Ponsonby Rd, is being marketed by Sunil Bhana and Cameron Melhuish of Bayleys Auckland office and will go up for auction on Wednesday, October 22 as part of Bayleys latest Total Property commercial and industrial property portfolio.
“The longstanding owners have advised us that during the more than 45 years they have held the property, there have been very few occasions in which it has not been fully occupied and it has produced consistent rental growth for them,” says Bhana .
The property is currently producing net annual rental income of $150,253, with two tenants on final renewals of leases that started in 1997 and 2002.
“Originally built around 1913, the building has undergone various renovations and additions over the years and today provides three single-level retail tenancies with excellent profile to busy Ponsonby Rd,” Bhana says.
Street level view of block of three shops up for auction at 293-297 Ponsonby Rd.
A 66 sq m shop at 293 Ponsonby Road is occupied by Price Wise which sells beauty and body products. A Sierra Cafe is located in the middle 56 sq m shop at 295 Ponsonby Rd, with a rear courtyard, and a Harvey World travel agency occupies 48 sq m of space at 297 Ponsonby Rd.
Each of the shops features full height glazing to the Ponsonby Rd frontage - an addition completed in the 1980s - together with the canopy that extends over the Ponsonby Road footpath.
Melhuish says the shops have an elegant high stud element, typical of the era in which the property was built and various fit outs are in place across the three tenancies. “To the rear of 293 and 295 Ponsonby Road are attractive north facing and landscaped courtyard areas and offices and storage have been built at the rear of 297 Ponsonby Road,” he says.
“This is a trophy investment property which has a high profile position on busy Ponsonby Road near its intersection with Jervois Rd, St Mary’s Rd and College Hill. It is in the popular Three Lamps precinct which is a well established retail and commercial area comprising cafes, restaurants, bars, fashion and gift shops, banks and other service providers.
“It’s a sought-after location for tenants who want to be at the heart of the action in Ponsonby’s retail centre servicing a number of established and affluent surrounding residential wards including Ponsonby, Freemans Bay, Herne Bay and Grey Lynn.”
Bhana says the under-developed freehold site also has future add value potential. “There are a number of two-level buildings close by and the land at the rear of the property could be developed further. A new owner could benefit from the cash flow while exploring possible future options the site might provide to build up and out,” he said.
The property is zoned Business 2 currently and has a Town Centre zoning under the Proposed Auckland Unitary Plan.
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