Character with plenty of exposure
Opportunity for owner occupier near motorways and bustling Ponsonby Rd
A modernised 125- year- old character building on an elevated high- profile site, at the Ponsonby end of College Hill, offers options for owner occupiers or add value investors.
The 275sq m two- level building at 91 College Hill, Ponsonby comes with the added bonus of five secure on- site carparks at the rear of the 337sq m freehold site, says marketing agent Nigel McNeill.
He and Bayleys Auckland colleague Meredith Graham have the property up for sale on April 12, as part of Bayleys’ next Total Property portfolio auction.
Now used as office space, the property i s being offered for sale with vacant possession.
“This offering provides an outstanding opportunity to purchase a high- profile, refurbished character building in a highly sought- after fringe CBD location close to bustling Ponsonby Rd,” says McNeill.
“Attractive small standalone buildings with off- street parking are hard to find in Ponsonby and the property’s flexible Mixed Use zoning means it could be used for a wide variety of activities.
“A new owner occupier could create a live/ work situation with a commercial use on the ground floor and residential above.
“The upper level benefits from the property’s elevated position at the top of the hill and has views of Auckland Harbour out to Rangitoto Island and of the CBD and Sky Tower.
“Alternatively the property could be purchased by an investor and leased out for a host of potential uses ranging from continuation as office premises through to conversion to a boutique hotel or backpackers’ accommodation.”
Originally constructed around 1890, the building was extensively remodelled in 1999 to accommodate an office tenant. The ground floor has a reception area, boardroom and various offices, a bathroom with shower, small kitchen and a staff room at the rear opening onto a courtyard.
The first floor is accessed by an internal staircase and comprises further office areas and a storeroom. The building is sprinklered throughout.
“To the owner’s advantage for a character building of this age, it does not fall into the category of buildings that require a seismic assessment under the Building [ Earthquake Prone Buildings] Amendment Act 2016, being of wooden construction and less than 12 metres or three storeys high,” says McNeill.
Meredith Graham says many former residential properties on College Hill have been converted to commercial use because of their high profile position on a primary road linking the CBD with the Herne Bay end of Ponsonby and further west, which means they benefit from plenty of exposure to high volumes of passing vehicles.
“Like this property, a lot of them have character features like high stud ceilings and timber flooring which appeals to smaller office tenants looking for buildings with personality.”
The property was previously zoned Residential 7A under the old Auckland City district plan but is now Business- Mixed Use under the new Auckland Unitary Plan. Graham says the extensive range of permitted uses under its new zoning include residential, commercial services and office, entertainment, food and beverage, retail, community services and education facilities.
“It comes within the height variation controls for St Marys Bay, which is 13 metres. While lower than many other areas with a Mixed Use zoning under the new plan, it is in keeping with a precinct well known for its predominantly low rise, long established character buildings.” Retail units under construction at Huapai, near Kumeu, are scheduled to be completed and available for lease later this year.
The eight units — at 321- 323 State Highway 16 — are being marketed by JLL head of retail Chris Beasleigh and associated director of retail Ranesh Parmar.
The men say the 1460sq m development, which sits upon on 4300sq mof land, will be ready for occupation in the third quarter of the year.
Beasleigh says the development is in a major Auckland growth node; the positioning and location suits a wide range of retail uses, including convenience retail, service retail, medical, hospitality and food and beverage.
“New retailers are sorely needed to service the increasing population in the area,” he points out.
Statistics New Zealand forecasts suggest that the population in the Huapai- Kumeu area will grow from the current level of 18,700 to over 50,000 by 2043 — a growth factor of 173 per cent.
“Unichem Pharmacy, a major national occupier, has already com- mitted as the anchor tenant of the development, showing their confidence in this growth location. A dentist, physiotherapist and doctors’ clinic have also committed to space,” says Parmar.
The development will be split across two buildings ( Complex A and Complex B), construction of the units being a mix of concrete, steel, plasterboard and timber.
There are two units available in Complex A, which adjoins the Unichem tenancy, and six units available in Complex B.
The units range in size from 50sq mthrough to 700sq m, providing various configuration options for potential tenants.
The development will also have ample onsite parking for customers with about 80 spaces in total, says Parmar.
“The pure level of population growth in the Huapai- Kumeu area will ensure the success of a flourishing retail offering which is lacking at present. The Main Road development in Huapai is well positioned to take advantage of these demographic changes which will create significant demand for retail amenity.”