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Prime Ponsonby property portfolio for sale

Fuseworks Media
Fuseworks Media

One of the largest privately owned landholdings on Auckland’s much-loved Ponsonby Road is being offered to the market for the first time ever, presenting an unparalleled opportunity to acquire Ponsonby property of such magnitude.

The 3,083sq m site is located only metres from the popular Three Lamps village, giving it massive profile within the affluent and tightly held city fringe suburb.

It comprises three fee simple titles and three individual buildings, with 25 separate income streams that together return a net passing income of approximately $1.25 million in annual rent.

Colliers International has been exclusively appointed to market 284-292 Ponsonby Road, 294-306 Ponsonby Road and 1-3 Cowan Street for sale either individually or as one combined holding.

The properties are for sale by way of expressions of interest to be lodged by 4pm on Wednesday 5 June, unless one or all are sold earlier.

Investment Sales Associate Director Kris Ongley, who is marketing the portfolio with colleagues Charlie Oscroft and Gareth Fraser, says it is unrivalled as a strategic Ponsonby investment opportunity.

"The market is virtually never given the opportunity to acquire Ponsonby real estate of this quantum.

"It is a blue ribbon investment opportunity, offered to the market after many years of proud family ownership, with several viable acquisition options afforded by the title structure and flexible zoning.

"Investors could purchase any of the three properties individually as a long-term investment and explore add- value or development propositions for each asset.

"Alternatively, purchasing any two of the properties would increase ownership flexibility and development potential.

"And acquiring the entire site would allow the owner to retain all three properties as a significant and influential investment holding. This would provide the ultimate opportunity to consider wider staged development options or allow the flexibility to retain part of the site while divesting other titles.

"No matter which option you choose to explore, it would be hard to go wrong with a landholding of this calibre."

Oscroft says the properties are superbly located in one of Auckland’s most well-loved, fashionable and affluent commercial and residential precincts.

"Ponsonby has long been known for fashion retail and its numerous cafes, restaurants and bars.

"The more recent trend of metropolitan office development has driven commercial activity in Ponsonby to a new level.

"Commercial activity in the suburb is focused around the well-known and hugely popular Ponsonby Road, long considered a darling of the Auckland retail and entertainment industries.

"The road extends some 1.7km along the Ponsonby ridgeline, with properties towards the Three Lamps end benefiting from the potential for expansive views over the leafy residential surrounds, central city and harbour."

Oscroft says that in recent years, there has been significant commercial, retail and residential development on and around Ponsonby Road.

"This has been driven by a dynamic commercial environment with excellent value growth over time."

Fraser says properties in Ponsonby are tightly held - particularly assets of this magnitude, of which very few transact.

"The property is well located on the city fringe, near Three Lamps village and the affluent surrounding suburbs of Herne Bay, Freemans Bay, Grey Lynn and College Hill.

"It is within easy walking distance of the CBD, waterfront and Herne Bay beaches, as well as the New World supermarket and Ponsonby’s abundant retail and hospitality options.

"Ponsonby is well served by public transport, with regular City Link bus services. It also offers easy access to Auckland’s motorways in all directions."

The property at 1-3 Cowan Street is a two-level commercial building known as The Pompallier Centre.

Constructed in the 1980s, the fully leased building has an A-grade seismic rating. It provides 1,091sq m of medium- to high-grade office and retail accommodation.

Eleven leases - including offices, service retailers, a cafe, 13 car parks and a DX mailbox - return approximately $378,289 plus GST in net annual rent.

The property sits on a 1,214sq m freehold site with generous Business Town Centre zoning.

It is located directly to the rear of 284-292 Ponsonby Road, with some 45m of street frontage to Cowan Street.

The car parks are located on the northern edge of the title and accessed by a right of way over the adjoining council-owned car park, which fronts Pompallier Terrace.

The adjoining property at 286-292 Ponsonby Road is a two-level character building from the 1920s with heritage architectural features typical of the era.

It sits on a 731sq m landholding with eight rear car parks and corner profile to Ponsonby Road and Cowan Street.

Four tenancies plus a billboard lease provide approximately $367,114 plus GST in net annual rent.

The 764sq m building comprises four ground floor retail tenancies, all with Ponsonby Road frontage, and four associated first floor areas, included in the retail leases.

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The billboard is on the first floor, facing north towards traffic travelling along Ponsonby Road from Three Lamps. The property’s Business Town Centre zoning includes Special Character and Historic Heritage overlays.

The northernmost title at 296-306 Ponsonby Road is located on a 1,135sq m site with Business Town Centre zoning and corner profile to Pompallier Terrace.

It has a single-level commercial building of 666sq m that is predominately tenanted by retail and hospitality operators, plus 16 car parks.

Leases on seven of the eight retail tenancies, the car parks, and signage provide approximately $506,616 plus GST of net annual income.

Ongley says the site’s comparatively under-developed improvements, flexible zoning, size and northern corner position give it significant future development potential.

"The tenancy schedule provides the luxury of substantial holding income while development options are explored in detail.

"Whether you’re looking for an add-value investment, a long-term hold or a site ripe for future redevelopment, this property ticks all the boxes.

"As part of the wider offering, it’s an even better opportunity. Here’s your chance to acquire a landmark holding that all serious property investors and developers must consider.

"It’s no exaggeration to say that this is, without a doubt, the Ponsonby investment opportunity of the year."

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