Character for the cool crowd

The property at 54 Ponsonby Rd comprises three separate buildings and includes 10 carparks. Photo / Herald on Sunday

A character Ponsonby Rd retail and commercial complex, which has been fully refurbished and has a strong leasing history, is being offered for sale by deadline private treaty with offers closing on November 17.

The property sits on a 999sq m site at 54 Ponsonby Rd and is typical of most character buildings in the popular city-fringe area in that it has rarely had any vacant space, says Millie Liang of Bayleys Auckland, who is marketing it with colleague Colin McKenna.

Liang says the refurbishment programme has included new floor coverings as well as polishing existing wooden floors and exposing brick walls.

The property comprises three separate buildings totalling 1279sq m and includes 10 carparks in a rear courtyard area accessed from Ponsonby Rd.

The complex is fully air-conditioned and has decks into a rear courtyard area. It also has new bathrooms and marble-accented kitchens. The offices are fully fitted out to suit tenants' requirements.

The property is currently producing net annual rental income of $431,000, but Liang says one of the tenants is paying below market rental and there is an opportunity to increase the rental income to about $552,000.

There are presently three retail premises with wide frontages on to Ponsonby Rd. Office tenants include internet business-to-business trading network provider GSB Conexa (formerly the Government Stores Board), which has about 876sq m of space on the ground floor and level one, with naming rights. A second is boutique visual-effects studio Blockhead, which makes television commercials.

McKenna says the building is in a strategic location midway between Williamson Ave and Crummer Rd, almost opposite Hopetoun St, with views over Western Park and to the Waitakeres. Directly behind the property is the 1.33ha Williamson Ave site previously known as Soho Square that has been purchased by Progressive Enterprises, which plans to develop a supermarket, retail complex and a variety of commercial sites.

"Progressive's development of Soho Square will have a substantial and beneficial effect on the eastern end of Ponsonby Rd, bringing more business activity into the immediate area," McKenna says.

He says these plans mean that the property is likely to grow in value in an area that has always been sought-after for its retail and character office space. "Over the longer term, the property is likely to show rental growth.

"The site is underdeveloped and, as a result, there is an opportunity to add other floors to the existing building or add a new building at the rear of the site.

"Ponsonby Rd remains one of Auckland's premium retail, entertainment and leisure locations, characterised by good restaurants, cafes, nightclubs, bars, art galleries, boutique fashion shops and other high-end retailers."

www.bayleys.co.nz/410322