Two adjoining Ponsonby properties encompassing approximately 600sq m of Business Mixed Use zoned land offer significant development potential as well as opportunities for owner-occupiers and add value investors.
Situated at 5 and 7 Prosford Street, in Ponsonby’s Three Lamps precinct, the offerings comprise two character, two-level villas located on 289sq m and 302sq m fee simple titles respectively.
They are being marketed with vacant possession on behalf of one vendor by Alan Haydock and Damien Bullick of Bayleys’ Auckland City & Fringe team.
Both properties are up for sale individually by tender, closing at 4pm, March 15, unless sold prior.
Start your property search
“This is a rarely presented opportunity to secure one or two neighbouring flexible, freehold properties with development potential in one of Auckland's most sought-after inner-city suburbs, offering easy access to Ponsonby Road, Jervois Road and the Auckland CBD,” says Haydock.
“The Mixed Use zoning allows for a wide range of intensive commercial and/or residential uses up to 16m in height plus a 2m roof form. The whole will be greater than the sum of its parts for a developer buying both properties, enabling a more comprehensive and valuable development.
“However, as individual offerings, the properties will also have appeal to developers interested in smaller-scale opportunities as well as owner-occupiers plus entrepreneurial investors looking for angles where they might be able to add value.”
The 224sq m dwelling at 5 Prosford Street has a three-bedroom residential flat on the upper level with multiple living areas and front and rear decks.
The ground floor has secure, internal garaging for two vehicles, plus additional storage, and a self-contained studio flat, complete with kitchen and bathroom facilities and a private courtyard at the rear.
There is further off-street parking for four vehicles at the front of the property.
“5 Prosford Street brings with it a myriad of opportunities, either for occupation of part or all of the property, refurbishment or upgrading of the existing building or alternatively as a blank canvas for full development, possibly in conjunction with the neighbouring property,” says Bullick.
The 190sq m two-level dwelling at 7 Prosford Street was previously used for backpacker accommodation with a large communal kitchen on the ground floor.
At the rear of the property is a courtyard area with a small secondary building.
There is off-street car parking for one vehicle at the front of the property.
Bullick says the property has been gutted and now provides potential for a variety of uses.
“A building consent was recently issued for a refurbishment and extension of the current buildings to provide a luxury home, more details and renderings of which would be available to interested parties.
“Alternatively, you could develop your own plans for adding value to this very well-located property strategically centred close to Ponsonby and Herne Bay’s vibrant commercial strip and set amongst an affluent residential population.”
The two properties are located one block away from Jervois Road, close to its intersection with Ponsonby Road and College Hill, and are surrounded by a mix of commercial and industrial premises and multi-unit residential developments.
“This vibrant city fringe area is close to a rich array of cafes, restaurants, bars and amenities, as well as frequent public transport services, including Inner City Link buses, and motorway networks. It is also a short walk away from popular Ponsonby Intermediate school,” says Bullick.
“Properties with add value potential in this tightly held precinct are becoming increasingly scarce, particularly those in this affordable price bracket.”
- Article supplied by Bayleys
