Ponsonby corner retail site
An opportunity to secure a retail investment in Ponsonby has come on to the market.
Situated on 1 Jervois Rd, Unit 5 sits on the corner of Jervois Rd and St Marys Rd, within the Fountain Court development.
The property is a ground floor retail unit, directly across from Mary’s caf and the historic Ponsonby Post Office that now houses Augustus Restaurant, in the heart of Ponsonby’s Three Lamps area. The unit has street frontage to St Marys Rd and comes with two carparks.
JLL commercial sales broker Alex Wefers says the location cannot get much better. “There are a couple of factors that give a solid indication of the insatiable demand in the area,” he says.
“Firstly, the unit has come on to the market for the first time in over 20 years. And secondly, the unit has not had any vacancy since 1992. Overall, 1 Jervois Rd is in a strong position for long-term sustainable growth from both an investor and occupier perspective.”
With a net lettable area of around
95sq m, American BBQ restaurant Morepork took over the tenancy in
2016 and is now well established with its current lease term set to expire in December 2021, followed by two rights of renewal of four years each.
The main part of the premises comprises an open restaurant area in addition to a kitchen area and separate amenities in the form of two toilets.
The unit is one of 18 within the development. The two-story building has 13 commercial units on the ground floor, predominantly used as retail and F&B offerings with a plaza and courtyard in the middle.
There are a further three units on the first floor, which are all used as radio studios and occupied by various Mediaworks radio stations.
The building was designed and built around 1985 and, according to a 2013 seismic report, constructed with reinforced concrete columns and precast concrete beams supported by a precast flooring system helping it to achieve a Seismic Grade A with an 89 per cent NBS Rating.
The stratum in freehold property at 5/1 Jervois Rd, Ponsonby, is available for purchase via expressions of interest closing 4pm Tuesday, November 19 unless sold earlier.