Three of Auckland's most prominent city fringe properties have come to market as an early Christmas present to suit a range of investor types, exclusively for sale by JLL.
The profile properties at 1 Saint Marys Road, Saint Marys Bay, 222-228 Jervois Road, Herne Bay, and 234-246 Jervois Road, Herne Bay are exceptional opportunities with significant possibilities for future development and sound holding income.
All three properties can be purchased individually, or as a package, with a Deadline Date for Offers set for 4pm on Wednesday 6 December 2023, unless sold prior.
The property at 1 Saint Marys Road, Saint Marys Bay, is an Auckland icon.
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Enjoying a prominent, elevated position on the corner of College Hill and Saint Marys Road, and just a mere 1.5 kilometres from downtown Auckland, the historical Ponsonby Post Office is a true testament to the past.
Built in 1912, this iconic structure has witnessed the transformation of its surroundings and undergone extensive upgrades and refurbishments.
Today, it’s a jewel in Auckland's crown, and a heritage character building strategically located in the heart of bustling Ponsonby.
This two-level, seismically strengthened historic asset is a blend of character and modern amenities.
The ground floor plays host to one of the most popular spots in the city, Hotel Ponsonby. Since 2020, this successful restaurant/bar has been a gathering place for locals and visitors alike.
The restaurant was established and is operated by experienced and respected hospitality operator, Hugo Baird.
The first floor is home to the Skin Institute, a comprehensive and reputable healthcare and medical services provider that has been a fixture since 2004.
JLL Associate Director, Jason Armstrong, highlights the property’s zoning and tenancies as strong selling points in a turnkey opportunity.
“The property's 641 square meters of combined space across two levels that are fully occupied ensures a robust annual net return of $376,990 + GST,” says Armstrong.
“Strategically zoned as Business - Town Centre, it presents a Weighted Average Lease Term (WALT) of 6.1 years, with an attractive covenant that makes it an appealing retail investment. The immediate area is a bustling commercial junction, with key arterial routes at its doorstep: Ponsonby Road, College Hill, Saint Marys Road, and Jervois Road, all offering an array of commercial opportunities.”
The location of 1 Saint Marys Road connects seamlessly with Auckland's CBD, motorway networks, and affluent neighbouring suburbs like Saint Marys Bay, Freemans Bay, Herne Bay, and Ponsonby.
The prestigious, freehold 222-228 Jervois Road is a landmark steeped in history, and meticulously maintained.
This trophy corner is sought-after by occupiers and is considered a significant asset in Auckland's real estate landscape.
Built in 1905 as an outlet for R & W Hellaby, this building proudly displays its name on the prominent corner façade. Currently fully occupied by six established retail and office/live-work tenants, the property generates net income of $332,971 plus GST annually.
Spanning approximately 620 square meters across two levels, the ground floor accommodates Tessuti, Frenchie & Co, and Goodness café.
The first storey features three self-contained office/live-work tenancies, all accessible from Albany Road.
Strategically zoned as Business - Local Centre, this two-story mixed-use building has potential for future development, able to accommodate up to four storeys with residential use on the upper floors.
The building exudes character and charm, with a prime location surrounded by a highly sought-after retail strip known for its restaurants and boutique stores.
JLL Co-Head of Metropolitan Sales, Jonathan Lynch, points to the surrounding amenities in Herne Bay and along Jervois Road as key drawcards for investors.
“The Jervois Road retail strip is a well-established and sought-after precinct, known for its popular restaurants and shops,” says Lynch.
“It benefits from a thriving residential catchment, including Herne Bay and Ponsonby. Herne Bay, prized for its character homes and peaceful environment, boasts an average house price of over $3 million, making it one of Auckland's most valuable residential suburbs.
"Recent developments, such as the neighbouring Jervois & Lawrence mixed-use development and the nearby Countdown Metro Supermarket, have further enriched the local amenities.”
Just a short walk down the road is 234-246 Jervois Road & 2A Kelmarna Avenue, Herne Bay. On the market for the first time in ten years and situated in Auckland's premier residential city fringe, 234-246 Jervois Road and 2A Kelmarna Avenue presents an exceptional investment opportunity.
Currently consisting of four multi-tenanted retail buildings on a freehold land area of 2,375 square meters across nine titles, its north-west facing corner location makes it a prime candidate for an upmarket residential or mixed-use development site.
The main retail block extends from 234-246 Jervois Road and covers a total footprint of around 1,052 square meters, boasting valuable frontage to Jervois Road of 64 metres.
Additional land of around 1,323 square meters at 2A Kelmarna Avenue, can be accessed from the rear and enhances the property's development potential.
In a highly desirable retail catchment area, vacancies are limited, and ownership is tightly held. The property is fully leased to a mix of commercial and retail tenants, including Dear Jervois, Briarwood, and Liquorland.
In addition, a brick building at the rear is leased to famous Kiwi band, Six60.
Current net annual income of $757,562 plus GST, with a WALT of 3.94 years, provides income stability to potential investors.
The property's true value lies in the expansive freehold land area and future development potential, suggests JLL Associate Director, Alex Wefers.
“Positioned in an affluent suburb, this property offers a rare chance to acquire a sought-after retail and residential location across a sprawling site that has abundant development potential for the buyer with vision,” says Wefers.
“With its commanding corner position, substantial landholding, and strong tenant mix, it presents an exciting opportunity for future growth in one of Auckland’s most desirable addresses.”
Adding to its allure, established restaurant, Italian Job, and the Herne Bay Minimart are trusted neighbourhood establishments that complement the retail tenancies. Situated at the western end of the bustling Jervois Road retail strip, it is directly across from Herne Bay's newest commercial development, the Countdown Metro Supermarket, and several popular Herne Bay beaches only a short walk away.
- Article supplied by JLL
