A large villa leased to four commercial tenants and located in the popular Auckland city fringe boutique business district of Ponsonby is for sale.
The two-storey building at 88 Jervois Rd was built in the early 1900s and is in the busy Jervois Rd strip running between the Three Lamps corner and the Curran St corner where a mix of hospitality, fashion, and high-end retail stores are interspersed with small owner-operated professional service businesses. The 340sq m building is on 653sq m of land and has six car parks.
The four tenants occupying the building are:
Law firm Gregory John Simon, which a three-year lease until 2015, with a three-year right of renewal.Annual rental $59,756.
Bridge City Interior and Construction, on a three-year lease until 2015 and a three-year right off renewal. Annual rental $24,730.
Well for Life, an established medical tenant on a two-year lease expiring in 2014, with three two-year rights of renewal. Annual rental $32,950.
Pogson Health Services, a month-to-month lease. Annual rental $5200.
The property is being marketed by deadline private treaty by Bayleys Central Auckland salesmen Alan Haydock and Cameron Melhuish, with offers closing on March 5.
Haydock says the large building has undergone considerable interior refurbishment to create nine separate office spaces and a range of communal amenities.
"The renovation also involved enhancing many of the building's original interior features such as the native timber floors, doors, wall panelling and impressive internal staircase," Haydock says.
"The exterior of the property is clad in weatherboard with tile roofing, while the car parking area features crushed white stone."
The building's ground floor has net lettable space of 200sq m, made up of a central hallway providing access to offices, a shared boardroom, and kitchen and bathrooms.
Upstairs has a net lettable area of 140sq m in a similar configuration.
It has harbour views.
Haydock says the imposing building has the flexibility to continue as it is now or be incorporated into a single company premises by an owner/occupier business looking to relocate into a creative workspace close to the city fringe.
"The building, when originally constructed as a residence in the 1920s, was representative of the populous demographic in Herne Bay at the turn of last century when the area was home to some of the more affluent and professional members of Auckland society," Haydock says.
"Ironically, nothing much has changed in that respect in almost 100 years.
"What we have seen, as Auckland's commercial zones have both fragmented and expanded, is the increase in attractiveness of character commercial premises based on major arterial routes city-wide."
This has seen the evolution of boutique private health clinics, small accountancy and legal firms, advertising and design studios, and work-from home businesses, which capitalise on being high-profile yet local.
"The high traffic flow along Jervois Rd, supported by the surrounding well-heeled catchment area, ensures that for residential-to-commercial conversions, there is always likely to be strong tenant demand in this area from small owner-operated businesses with their clientele derived from adjoining neighbourhoods," Haydock says.
Melhuish says the high profile location of the boutique premises, virtually opposite the Shelley Beach Rd exit from the Auckland Harbour Bridge, means it is well serviced by public transport and is easily accessed by private vehicles.
"Due to its high visibility position, a future owner would also have the option of adding substantial branding signage and naming rights identification, subject to any council consents," Melhuish says.
What's on offer
For sale: Large villa with four commercial tenants
Location: 88 Jervois Rd, Ponsonby
Agents: Bayleys Central Auckland
Method: Deadline private treaty
Closing date: Tuesday, March 5.