The character freehold building housing a nationally renowned sushi chain has gone up for sale on Auckland’s sought-after Ponsonby Road.
The single-storey property sits prominently in the prestigious Three Lamps shopping precinct, surrounded by some of the city’s most affluent city-fringe suburbs.
It is leased to St Pierre’s Sushi K10, underpinned by an eight-year lease and further rights of renewal.
St Pierre’s serves affordable Japanese food at some 70 locations New Zealand-wide. Apart from its fast-moving takeaway concept, K10 Sushi Train offers a dine-in option.
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Ponsonby Sushi Limited, trading as St Pierre’s, has occupied 314 Ponsonby Road since early 2021 on a lease extending to 2029, with two further six-year rights of renewal. The tenancy generates a net annual rental return of $121,395 plus outgoings and GST.
The freehold land and building at 314 Ponsonby Road, Ponsonby, Auckland, are being marketed for sale by James Chan, Quinn Ngo and Karen Yung of Bayleys Auckland Central.
The property will be offered by auction on Wednesday 28 September, unless it is sold earlier.
Chan said the property consisted of an approximately 242-square metre building on 307-square metres of Town Centre zoned land.
“The premises offer exceptional street-front exposure with parallel on-street parking right in front, and further parking space at the rear. It sits within a highly desirable retail precinct on iconic Ponsonby Road.
“The site is positioned perfectly to benefit from the prosperous commercial and residential catchments of St Marys Bay, Herne Bay and Ponsonby and has outstanding connectivity with central Auckland and the CBD. For good reason, this is a location that rarely presents any vacancy.
“With a well-known national tenant providing a good income underpinned by a long lease, the property will appeal strongly to buyers seeking a quality bottom-drawer commercial property investment,” said Chan.
Ngo said the property’s location in the flexible Business – Town Centre zone under Auckland’s unitary plan provided for diverse commercial and possible residential activities for a new owner.
“Designed to provide a focus for commercial activities and growth, this zone is typically applied to centres on main roads with good public transport,” Ngo said.
Yung said the location’s possibilities and desirability were underlined by the calibre of nearby occupiers such as ANZ, BNZ and ASB banks, NZ Post, Vodafone, Flight Centre, Paper Plus and Unichem.
“Within walking distance is the full range of Ponsonby’s amenities including its celebrated cafe, restaurant and bar scene, art galleries, boutique retail and supermarkets,” said Yung.
- Article supplied by Bayleys
