Ponsonby property ideal for investors
A tenanted office unit for sale in Ponsonby provides an opportunity for investors to add value or owneroccupiers to secure premises in one of Auckland’s most sought-after city fringe suburbs.
The 128.5m strata-titled freehold property at 47a Brown Street is occupied by a well-established tenant on a month-by-month tenancy.
It is significantly under-rented at $230 per square metre, returning $30,466 annually.
A new owner could capitalise on Auckland’s tight office market by seeking to negotiate a market rental rate of $350 or more per square metre.
Alternatively, an owner-occupier could take possession, taking advantage of the current low interest rate environment.
Colliers International has been appointed to sell the property by deadline private treaty. Offers close at 4pm on Thursday June 27, unless the property sells earlier.
City fringe sales specialist Hamish Paterson, of Colliers International’s investment sales team, says it is a tidy strata investment. “This superbly presented office unit is part of an architecturally designed, four-level commercial and residential building constructed in 2002.
“The property is located in a semicommercial area of Ponsonby, one of Auckland’s most affluent residential suburbs, also a hot spot of retail and hospitality.
“It is located halfway down Brown St, which extends off Ponsonby Rd and is bounded by Richmond Rd and Douglas St.
“The modern interior offers an abundance of natural light, with fullheight glazing to the street frontage overlooking a mixed-character streetscape.
“The property provides two offstreet car parks in an area where parking is at a premium.
“It also offers good proximity to Auckland’s CBD and good accessibility to transport.”
Jonathan Lynch, also a city fringe property specialist at Colliers, says the property has been tenanted since completion by The Architecture Office.
“The business is a boutique architectural firm that offers a range of services including interiors and residential development.
“A new owner could leverage off the long-standing tenancy to negotiate a new market rent, or take vacant possession of the office themselves.”
The property is on the ground floor of a development, on a business mixed use zoned site, that has been strata titled into four units.
The unit comprises a 128.5sq m office plus a 5sq m balcony.