Ponsonby Central, one of Auckland’s most popular and recognised destinations, is being presented to the market for sale, offering buyers the opportunity to acquire a landmark asset in one of the city’s most affluent suburbs.
Located at 4-6 Brown Street and 8 Brown Street, Ponsonby Central is a highly visible mixed-use property that includes an extensive and diverse income stream from a range of exceptional tenants, including retailers, office occupants, a boutique cinema, hospitality offerings, and a three-bedroom penthouse apartment that sits above a covered car parking building that is home to 83 secured car parks.
The property has a combined lettable area of approximately 6,727sq m on a 4,390sq m site that is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
The total net passing income from the property is approximately $5,163,000 plus GST per annum.
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With three street frontages, including substantial exposure to Ponsonby Road, this is one of the most eye-catching assets in Auckland.
Colliers Directors Blair Peterken, Richard Kirke, Peter Herdson, and Adam White have been exclusively appointed to sell the property via an international expressions of interest campaign with the deadline for offers closing at 4pm on Thursday 8 June, unless sold prior.
4-6 Brown Street is the former Allen’s Calendar Factory that has been meticulously refurbished and repositioned into a central food and beverage precinct with over 20 eateries and 13 cuisines making for a global dining experience that spans 2,871sq m.
The building retains many of its original features, including the sawtooth roof, exposed steel beams, and timber flooring. The property also offers character office space and an event room in the upper levels.
Primary retail areas are positioned to the front with tenancies such as The Blue Breeze Inn, Bird on a Wire, Bedford Soda & Liquor, and Wallace Cotton occupying prime road-front positions towards Ponsonby Road and Richmond Road.
Toward the centre are more casual ‘market-style’ tenancies, and a food and produce market.
8 Brown Street was constructed in 2021 at the rear of the site and is a modern six-level building comprising car parking, retail tenancies, office space, the Silky Otter cinema, and the penthouse apartment.
The top-quality construction of the building complements the original development, with the brick facade and green walls. Overall, the extension provides an additional 1,455sq m of retail accommodation, 2,352sq m of office space, and 300sq m of residential area, including the outdoor deck.
Peterken, Director of Capital Markets at Colliers, says there is considerable income growth and future add-value potential attached to the property that also receives income through an electronic billboard and other signage.
“While the property has a strong tenant covenant through the existing occupants, there are further leases that are up for renewal and could be brought into line with current market rates,” Peterken says.
“That will be highly appealing for prospective purchasers who will have the opportunity to grow their future returns on investment.
“The tenancy mix is incredibly complementary and creates a welcoming atmosphere for people who have the opportunity to watch a movie, shop, and eat all within the same precinct.”
Kirke, International Sales Director of Capital Markets at Colliers, says this truly unique asset is also underpinned by strong land value and the penthouse apartment is a stunning addition.
“One of the most impressive features of this penthouse is the expansive ‘living roof’. The surrounds of the apartment are significantly planted with lush foliage, providing a tranquil and serene atmosphere,” Kirke says.
“The living roof also features areas with paving and artificial turf, perfect for guest entertainment, pets, or soaking in the sun. This penthouse apartment is arguably the best in the area with fantastic views of the CBD skyline.”
The property benefits from its strategic location being only 2.5km from Auckland CBD, while there’s easy access to the motorway network providing connectivity north and south.
There’s a host of bus routes that go through Ponsonby, meaning people can readily travel to this sought-after suburb.
Herdson, National Director of Capital Markets at Colliers, says Ponsonby has one of the lowest vacancy rates within the central Auckland retail market.
“Ponsonby’s retail and commercial district is an ongoing bustling hub of activity, with an abundance of unique and stylish boutiques, cafes, restaurants, and bars,” Herdson says.
“It is also surrounded by some of New Zealand’s wealthiest suburbs, including Herne Bay, Freemans Bay, Saint Marys Bay, and Grey Lynn.”
White, Associate Director of Investment Sales at Colliers, says having the opportunity to purchase one of the most highly regarded food and retail precincts in Auckland is something not to be missed.
“When examining all of the outstanding investment fundamentals on offer with this property we expect there will be considerable interest from the market,” White says.
“We encourage all interested parties to contact us immediately to explore their options.”
- Article supplied by Colliers
