Together the buildings comprise about 450sq m of net lettable area on a 340sq m site.
Ray White occupies 259-261 Ponsonby Rd on a three-year lease at an annual net rental of $171,500 per annum, plus GST, beginning December, 2013.
Three rights of renewal of three years each take the lease to a final expiry of December 2025.
The building is a two-level weatherboard structure with ground floor reception and offices and an internal staircase leading to additional offices and staff kitchen on the upper level.
Lynch says the property benefits from a very wide retail frontage of nearly 9m at a strategic point on Ponsonby Rd in an area with heavy foot and road traffic.
"It is an ideal site for a real estate agency, which is why the current tenant has been there for nearly two decades and other real estate agencies previously occupied the same site."
Behind the agency is a two-level building currently serving as an office and boardroom. Historically used as horse stables and later a bakery, the building is accessed via Russell St.
It has an open-floor plan on the ground level accented by a feature brick surround historic oven that was part of the old bakery. Two internal staircases give access to refurbished character office area on the upper level subdivided into open offices with a feature timber ceiling and exposed character trusses.
"None of the buildings at the location are registered as historic, however the rear building has quite a pleasant character feel on account of the brick and timber features," Lynch says.
Next door is Gusto Italiano. "The restaurant has been here for seven years, following on from another Italian restaurant which previously occupied the tenancy."
The property is generating $77,500 yearly, plus GST, on a four-year lease that began in May 2011. Two two-year rights of renewal take the final expiry date to May 2019.
