The multi-tenanted property at 285-291 Ponsonby Rd. Photo / Supplied
The multi-tenanted property at 285-291 Ponsonby Rd. Photo / Supplied
Following many years of ownership, a family trust is selling retail properties on Ponsonby and Remuera Rds and a big development site in Kingsland.
Bayleys Auckland City and Fringe senior broker Cameron Melhuish is managing the sale of the freehold properties, featured in Bayleys' latest Total Property portfolio.
The larger of the two, occupying a 554sq m freehold site zoned Business-Town Centre at 285-291 Ponsonby Rd, comprises a two-level 488sq m character building, constructed in 1911. The fully leased property generates net annual rent of $233,000and is for sale by tender, closing 4pm, March 6. Melhuish is marketing it in conjunction with colleagues Damien Bullick and Jean-Paul Smit.
"This is a multi-tenanted investment property in a tightly-held Ponsonby retail strip with a good spread of risk across four tenancies," Melhuish.
"The leases appear to have under market rental levels providing purchasers with an add-value opportunity in a strong location," he says.
Each tenancy has ground floor retail space plus rear amenities and storage as well as a first floor area. The occupants are the Salta Espresso cafe with its lease encompassing a popular rear outdoor courtyard area; a shoe repair outlet, Chambers Linen & Gifts, and Candy Nails. Candy's six-year lease expired mid 2018 and is now a month-to-month tenancy; the other three leases run until 2019 to 2025 with no rights of renewal. Town Centre zoning allows a wide range of activities, with a height limit of 13m.
The second retail property, at 393 Remuera Rd, comprises a 159sq m commercial building on a 231sq m site. It has high profile ground floor retail space plus basement office, storage and amenities areas with car parking accessed via a service lane to the rear. It is fully leased to Eastern Bays Hospice Trust, generating net annual rent of $80,000 plus GST. The trust, which operates the Dove Hospice Shop from the premises, recently exercised a final two-year right of renewal on its lease and a market rent review for the property is due.
Dove Hospice Shop at 393 Remuera Rd. Photo / Supplied
This offering is be auctioned on March 6 unless sold earlier and is being marketed by Melhuish and Andrew Wallace.
The third site, encompassing 1323sq m of land in two parcels at 340-346 New North Rd, Kingsland.
The first is 340-342 New North Rd, a 678 sq m site, held in two titles of 339sq m each, at the intersection with George St. Previously used as a car yard because of its prominent corner position, it has a small building at the rear.
The second is 344-346 New North Rd, which stands upon a 645sq m title, next to the Dulux Trade Centre. It has a 188 sq m brick building divided into two flats.
The two parcels are available for purchase together or separately and are being offered with vacant possession for sale by tender, closing March 6 unless soldearlier.
They are being marketed by Wallace, Scott Kirk and James Were of Bayleys Auckland City & Fringe team. Kirk says the land has a favourable Business-Mixed Use zoning with a 21 m height overlay.
"This property is ripe for a major commercial and/or residential development and presents options for developers, owner occupiers and add-value investors," says Kirk.
"The size of the site and its high profile on a busy arterial road lends it to a major showroom, bulk retail premises or another trade centre development."
