Triple treat of presents just in time for Christmas
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. The properties at 1 St Marys Rd, 222-228 Jervois Rd and 234-246 Jervois Rd 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 the deadline for offers set for 4pm, Wednesday December 6, unless sold prior.
1 St Marys Rd is an Auckland icon. Enjoying a prominent, elevated position on the corner of College Hill and St Marys Rd, just 1.5km from downtown Auckland, the historic Ponsonby Post Office was built in 1912 and has undergone extensive upgrades and refurbishments.
This two-level, seismically strengthened asset is a blend of character and modern amenities. The ground floor plays host to the Hotel Ponsonby. Since 2020, it has played host to the restaurant/bar established and is operated by experienced hospitality operator Hugo Baird.
The first floor is home to the Skin Institute, a healthcare and medical services provider that has been a fixture since 2004.
JLL associate director Jason Armstrong highlights the zoning and tenancies as strong selling points in a turnkey opportunity. “The 641sq m of combined space across two levels that are fully occupied ensures a robust annual net return of $376,990 plus GST,” says Armstrong. “Strategically zoned as Business—Town Centre, it presents a Weighted Average Lease Term of 6.1 years, with an attractive covenant that makes it an appealing retail investment.”
222-228 Jervois Rd in Herne Bay is another landmark steeped in history and meticulously maintained.
Built in 1905, it is currently fully occupied by six established retail and office/live-work tenants and generates net income of $332,971 plus GST annually.
Spanning approximately 620sq m across two levels, the ground floor accommodates Tessuti, Frenchie & Co and Goodness cafe.
The first storey features three self-contained office/ live-work tenancies, all accessible from Albany Rd.
Strategically zoned Business—Local Centre, this mixed-use building has potential for future development, able to accommodate up to four storeys with residential use on the upper floors.
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.
Lynch says the retail strip benefits from a thriving residential catchment. Recent developments, such as the neighbouring Jervois & Lawrence mixed-use development and the nearby Countdown metro supermarket have further enriched the local amenities.
234-246 Jervois Rd and 2A Kelmarna Ave is on the market for the first time in 10 years. Consisting of four multi-tenanted retail buildings on a freehold land area of
2375sq m across nine titles, its northwest-facing corner location makes it a prime candidate for an upmarket residential or mixed-use development site.
The main retail block covers a total footprint of around 1052sq m, boasting valuable frontage to Jervois Rd of 64m. Additional land of around 1323sq m at 2A Kelmarna Ave enhances the development potential.
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.