He says the property has has all the key attributes investors are looking for including a strong tenant covenant and a good location.
"It represents the very best in city fringe commercial investment stock. All the boxes are ticked including a national brand name tenant, a simple and versatile building, flexible zoning and an outstanding Ponsonby location surrounded by a variety of strong commercial operators and a sought-after residential catchment."
Ongley says the property is a strong contender for redevelopment in the future.
"There are several options for adding value to this property at a later date, given its excellent location on Mixed Use zoned land near Ponsonby Rd. A residential development would be an obvious possibility, with several apartment blocks and townhouses already in the immediate vicinity."
He says the Proposed Unitary Plan would allow a development on this site to go up to 24.5 metres or six stories when it becomes operative.
"Whether buyers view this property as a medium-term investment or a longer-term add value proposition, it is an excellent opportunity to acquire a significant freehold land holding in a part of Ponsonby that is undergoing a wave of transformation," Ongley says.
Lynch says the property is only a block from the 1.3 ha Vinegar Lane development and the completed Ponsonby Central complex.
"This is a rare chance to acquire a well-priced parcel of land in the sought-after sub-$5 million bracket, in an area which is likely to experience rising property values and rents as a flow on result of the $200 million Vinegar Lane project," he says.
Lynch says the property is on the border of Ponsonby and Grey Lynn, two of the most popular suburbs in central Auckland.
"Mackelvie St runs between Ponsonby Road, across Williamson Ave and along to Great North Road in what is a vibrant area housing a wide variety of occupiers including light industrial, design studios, retailers, offices and apartments. There are also several townhouses and upmarket freestanding homes which complete the residential component of this popular area."
Great North Road and Ponsonby Road are the primary suburban arterials which link the western city fringe to the Auckland motorway network, Lynch says.
"This immediate area has excellent accessibility to the southern, northern and north western motorways, meaning occupiers here are in an excellent position to serve customers throughout greater Auckland, as well as in the nearby central business district."
The thriving retail and hospitality strips of Ponsonby Road and Karangahape Road are an easy walk from the property and there is also excellent public transport serving the area, he adds.
Ongley says Ponsonby has an excellent leasing history and benefits from easy access to the CBD, as well as being near to a large and affluent residential catchment.
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