Pride of place in Ponsonby
Two mixed-use properties in a prime Ponsonby location offer purchasers the chance to benefit from both commercial and residential market fundamentals.
The neighbouring properties at
175 and 177 Ponsonby Rd are for sale, individually or together, by tender closing at 4pm, Thursday November 30, unless sold prior.
Bayleys City and Fringe team associate director Damien Bullick says the investments present a rare opportunity to secure a meaningful foothold in a highly desirable precinct.
“The properties occupy a highprofile position on Ponsonby Rd – one of Auckland’s premier shopping and hospitality precincts. In addition to a coveted location among some of the city’s most valuable real estate, the split-risk nature of both properties provides investors with an opportunity to hedge their bets, generating income from both commercial/retail trade and strong demand for residential accommodation.”
Bullick is marketing the properties with colleague Alan Haydock.
The 313sq m three-level premises at 175 Ponsonby Rd features three retail tenancies at street level and three apartments above, generating $231,246 annual rental income.
The property is held in four individual titles: Shop 1,
43sq m occupied by The Drop Collective art gallery; Shop 2, 36sq m occupied by boutique bakery Cake & Co; Shop 3, 42sq m occupied by hospitality venue The Cocktail Shop.
Three residential tenancies occupy apartments of
64sq m each. The apartments are each configured over two levels and have north-facing views from the rear.
The retail tenancies and apartments also feature rear access from Collingwood St and the property is rated
100 per cent NBS.
Next door, the 219sq m two-level premises at 177 Ponsonby Rd features three retail tenancies with an apartment and office above, generating net annual income of $166,640 plus GST.
The property is held in one fee simple title. The floor area breakdown is: Shop 1, 23sq m occupied by The Vape Store; Shop 2, 30sq m occupied by dried florist/ homeware store Madam Rat; Shop 3, 45sq m occupied by clothing boutique A Little Shop.
A 60sq m office is leased to talent agency Dusty Road and a 60sq m character apartment is occupied by a residential tenant.