Two mixed-use properties in a prime Ponsonby location offer purchasers the chance to benefit from both commercial and residential market fundamentals.
The neighbouring properties at 175 and 177 Ponsonby Road are being offered for sale, individually or together, by way of tender process, closing at 4:00 pm on Thursday, 30th November 2023 (unless sold prior).
Bayleys City and Fringe team associate director Damien Bullick says the investments present a rare opportunity to secure a meaningful foothold in a highly desirable precinct.
“The properties occupy a high-profile position on Ponsonby Road – one of Auckland’s premier shopping and hospitality precincts.
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“In addition to a coveted location amongst some of the city’s most valuable real estate, the split-risk nature of both properties provides investors with an opportunity to hedge their bets, generating income from both commercial/retail trade and strong demand for residential accommodation.”
Bullick is marketing the properties for sale with Bayleys colleague Alan Haydock.
The 313sq m (more or less) three-level premises at 175 Ponsonby Road features three retail tenancies at street level, and three apartments, above generating $231,246 rental income per annum.
The property is held in four individual titles as follows;
Shop 1: 43sq m occupied by The Drop Collective art gallery
Shop 2: 36sq m occupied by boutique bakery Cake & Co
Shop 3: 42sq m occupied by hospitality venue The Cocktail Shop
Three residential tenancies occupy apartments of 64sq m each
Bayleys City and Fringe team director Alan Haydock says the retail tenants gain excellent exposure to 11,000 passing vehicle movements each weekday and high foot traffic from Ponsonby Road.
The apartments are each configured over two levels and have north-facing views from the rear.
The retail tenancies and apartments also feature rear access from Collingwood Street and the property benefits from a 100 percent of New Building Standard (NBS) seismic rating.
Next door, the 219sq m (more or less) two-level premises at 177 Ponsonby Road features three retail tenancies with an apartment and office above, generating a net annual income of $166,640 plus GST.
The property is held in one fee simple title with floor area breakdown as follows;
Shop 1: 23sq m occupied by The Vape Store
Shop 2: 30sq m occupied by dried florist/homeware store Madam Rat
Shop 3: 45sq m occupied by clothing boutique A Little Shop
A 60sq m office is leased to talent agency Dusty Road
A 60sq m character apartment is occupied by a residential tenant
Bullick says that the location is superb, with the assets being situated within the commercial heart of the vibrant Ponsonby community, attracting visitation from across the city and well-heeled immediate residential catchment.
“Accessibility is another drawcard with InnerLink busses running every 10 or 15 minutes and road access to the State Highway 1 and 16 motorways just five minutes away.
“Versatility remains a primary attraction for investors, which may see value in buying one or both of the properties and collecting immediate income, or perhaps looking to occupy themselves with a view to value-add works in the future.”
Article supplied by Bayleys
