Style and substance in Ponsonby offices

A stand-alone building — one of seven units in a boutique development converted from the Ponsonby Squash Club in the late 1990s — is for sale.

With its motivated vendor streamlining property assets ahead of a move away from Auckland, 19A Blake St is operating as a successful co-working business with multiple short-term tenancies.

Occupiers include creatives, a health supplements business and a web designer. The small enclave of properties in the wider development is home to other office-based businesses, professionals and apartment living.

The property offers 275sq m of freehold, unit-titled character office space with a northwestfacing private deck, elevated ceiling heights and six carparks underneath the building and outside the front entrance.

The building, known as Unit 7 and Accessory Units 4A and 7A, has an A-Grade seismic rating of 80 per cent NBS. It is next to the original squash courts which encompasses Units 1-6 as part of an L-shaped development with frontages to Blake and Sheehan streets.

Jean-Paul Smit and Alan Haydock of Bayleys Auckland Central are marketing the property by tender, closing 4pm Tuesday 19 July, unless sold prior.

Smit says it returns a gross annual income of approximately $156,000 plus GST and given the established and sought-after city fringe location, he’s anticipating strong inquiry.

An investor owner could continue with the co-working/shared space business model which has proved to work well with occupiers happy with the intimate yet functional space which has shared and dedicated working zones, social breakout areas and good parking ratios.

“Equally, with the current occupiers on monthly or three-monthly lease terms, an owner-occupier would recognise the value of both the building and the location as there is a shortage of quality office space available in the Ponsonby area.”

With apartment living finding traction in Ponsonby, and the property’s favourable Business–Mixed Use zoning, Smit suggests that residents in the suburb looking to downsize will appreciate the scope for a residential conversion.

“It would make an incredible apartment, and subject to body corporate approval and any required council due process, could be converted to an aspirational Manhattan-loft inspired, lockand-leave home with a real point of difference.”