In Ponsonby's premier ‘Golden Triangle’, two adjoining properties at 13 and 15 Rose Rd, Grey Lynn, present a rare and exceptional investment opportunity.
The properties, for sale through JLL, offer strategic location with favourable zoning for future development, as well as established tenants.
The properties are just 2km from Auckland’s CBD, nestled between Ponsonby Rd, Williamson Ave and Mackelvie St. The sites are within walking distance of Ponsonby’s main strip, renowned for its restaurants, bars and art scene.
With the recent shift towards higher density residential developments in Grey Lynn, the demand for warehouse spaces remains strong. These properties are sought-after, and a desirable, rare package for the fast-acting buyer who sees their development potential.
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13 and 15 Rose Rd are for sale by deadline date, closing 4pm, Wednesday November 22. They can be purchased as a pair or separately.
Alex Wefers, associate director at JLL, highlights Grey Lynn as an exciting neighbourhood in an accessible location that will appeal to a range of businesses.
“Grey Lynn is known for its vibrant atmosphere and trendy establishments, in close proximity to Ponsonby Rd and the surrounding amenities, which makes these properties a prime offering for investors and developers,” Wefers says.
“The buildings were constructed as mirror images of each other, with distinctive features that create a versatile offering and floorplates that can be utilised by a diverse range of businesses.
"13 Rose Rd is a two-level building with an open-space showroom on the ground floor and a mezzanine office above. Currently set up as an art gallery, this building boasts an adaptable layout. Its twin at 15 Rose Rd is currently configured as a laser tag facility on both floors and similarly can be adapted as a showroom or workshop by the new owners.”
Wefers says beyond their location, the pair's distinct features and layouts make them an attractive prospect.
The freehold properties span a total area of 859sq m in Business-Mixed Use and Business-Town Centre zones. The versatile properties are ideal for a range of activities, including retail, office and residential ventures.
The construction of both buildings features concrete foundations and concrete block walls with steel beam supports. The external walls are concrete block, with long-run steel roofing.
JLL associate director Jason Armstrong says rental upside is a significant drawcard.
“With current rental rates sitting around $102 and $187 per square metre, there is substantial potential for rental growth as the area continues to experience demand-driven expansion,” Armstrong says.
“Grey Lynn's transformation into a higher density residential hub amplifies the opportunities within the area. The net lettable area of 13 Rose Rd is 384sq m and 15 Rose Rd is 588sq m, plus five parking spaces.”
Reputable and established tenants - Objectspace at 13 Rose Rd and Megazone at 15 Rose Rd - have called these sites home for many years. Their presence ensures stability and the potential for long-term lease agreements, adding significant value to the investment.
The inherent potential is enhanced by favourable seismic ratings, with 13 Rose Rd achieving 79% NBS (B-Grade) and 15 Rose Rd boasting 100% NBS (A-Grade).
- Article supplied by JLL
