Ponsonby corner site up for grabs after 20 years

Unit 5, 1 Jervois Road is on the market for sale. Photo / Supplied

An opportunity to secure a retail investment in Ponsonby has come onto the market.

Situated on 1 Jervois Road, Unit 5 sits on the corner of Jervois Road and St Marys Road, within the Fountain Court development.

The property is a ground floor retail unit, directly across from Mary's café and the historic Ponsonby Post Office that now houses Augustus Restaurant, in the heart of Ponsonby's Three Lamps area.

Being a restaurant, the subject unit has street frontage to St Marys Road and comes with two carparks.

JLL Commercial Sales Broker Alex Wefers says the location description cannot get much better.

"There are a couple of factors that give a solid indication of the insatiable demand in the area," says Wefers.

"Firstly, the Unit has come on to the market for the first time in over 20 years. And secondly, the Unit has not had any vacancy since 1992. Overall, 1 Jervois Road is in a strong position for long-term sustainable growth from both an investor and occupier perspective."

With a net lettable area of around 95sqm, American BBQ restaurant Morepork took over the tenancy in 2016 and is now well established with its current lease term set to expire in December 2021, followed by two rights of renewal of four years each.

The main part of the premises comprises an open restaurant area in addition to a kitchen area and separate amenities in the form of two toilets.

The Unit is one of 18 within the development. The two-story building has 13 commercial units on the ground floor, predominantly used as retail and F&B offerings with a plaza and courtyard in the middle. There are a further three units on the first floor, which are all used as radio studios and occupied by various Mediaworks radio stations.

The building was designed and built around 1985 and according to a 2013 seismic report, constructed with reinforced concrete columns and precast concrete beams supported by a precast flooring system helping it to achieve a Seismic Grade A with an 89% NBS Rating.

JLL Commercial Sales Broker Jason Armstrong says the iconic Three Lamps precinct in Ponsonby has become a destination spot for the nearby residential suburbs.

"Being located in Ponsonby on the fringe to St Marys Bay and Herne Bay, the property is located in one of Auckland's wealthiest areas which links to high local purchase power," says Armstrong.

"With superb road frontage on a corner site, 1 Jervois Road benefits from desirable visibility to the passing pedestrians and traffic. In addition to customer car parking on-site and plenty of on-street parking in the neighbourhood, the property is close to SH1 on and off-ramps, and only a short drive to the CBD."

The stratum in freehold property at 5/1 Jervois Road, Ponsonby is available for purchase via an Expressions of Interest campaign closing 4 pm Tuesday 19 November 2019 (unless sold prior).