Ponsonby corner has solid tenants

6:06 PM Friday September 7, 2018 True Commercial

The single-level corner building for sale at 12-14 Fitzroy St, Ponsonby. Photo / Supplied

A property in Ponsonby is up for sale fully tenanted but with the potential to occupy or further develop the site.

Located at 12-14 Fitzroy St, it comprises a 180sq m single-level building on a 245sq m freehold corner site zoned Business-Mixed Use.

Marketing agents Damien Bullick and Alan Haydock, of Bayleys’ Auckland City & Fringe commercial team says the zoning allows for commercial and/or residential development up to four levels.

The property is among 11 commercial and industrial properties which will go under the hammer, unless sold prior, on September 19, in Bayleys’ next Total Property Auckland portfolio auction.

“This freehold trophy offering has been immaculately refurbished and maintained throughout, including a recent external repaint,” says Bullick. “The building is split into two 80sq m tenancies which provide character commercial accommodation and benefit from extensive glazing to their north facing frontages.

“Two well-established small businesses, one an architectural firm and the other a local government consultancy, occupy the property with their tenancies currently generating net annual rent of about $111,000. However, their leases contain provisions for early termination for the occupation of one tenancy as well as development of the site.

“This provides flexibility for the next owner and means the property should appeal to investors, owner occupiers and developers.”

Haydock says the property is in the sought-after suburb of Ponsonby, a short walk from the Ponsonby Central complex and bars, restaurants and shops along Ponsonby Rd.

It is among a cluster of character commercial premises and apartment buildings with a substantial apartment complex behind it. The property has around 25m of frontage to Douglas St, which runs off Ponsonby Rd, and the eastern side of the site on Fitzroy St has off street parking.

“Its north-facing corner position means it benefits from plenty of natural light and it also overlooks Norfolk Reserve, a small council park across the road,” says Haydock. “This means it would be particularly suited to a residential complex with the zoning permitting buildings up to 16m plus a 2m height allowance for roof form, subject to obtaining resource and building consents.

“Commercial accommodation could be retained on the ground floor with apartments above or commercial accommodation could be added given Ponsonby is also becoming an increasingly popular location for businesses looking for office space with a point of difference.”

Bullick says the property is handy to the Vinegar Lane redevelopment project, anchored by the Ponsonby Countdown supermarket and to Richmond Road village.