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Following many years of ownership, a family trust is selling retail properties on Ponsonby and Remuera Rds and a big development site in Kingsland. Bayleys Auckland City and Fringe senior broker Cameron Melhuish is managing the sale of the freehold properties, featured in Bayleys' latest Total Property portfolio.
The larger of the two, occupying a sq m freehold site zoned Business-Town Centre at Ponsonby Rd, comprises a two-level sq m character building, constructed in Each tenancy has ground floor retail space plus rear amenities and storage as well as a first floor area. Candy's six-year lease expired mid and is now a month-to-month tenancy; the other three leases run until to with no rights of renewal.
Town Centre zoning allows a wide range of activities, with a height limit of 13m. The second retail property, at Remuera Rd, comprises a sq m commercial building on a sq m site. It has high profile ground floor retail space plus basement office, storage and amenities areas with car parking accessed via a service lane to the rear.
The trust, which operates the Dove Hospice Shop from the premises, recently exercised a final two-year right of renewal on its lease and a market rent review for the property is due.
This offering is be auctioned on March 6 unless sold earlier and is being marketed by Melhuish and Andrew Wallace. The third site, encompassing sq m of land in two parcels at New North Rd, Kingsland. The first is New North Rd, a sq m site, held in two titles of sq m each, at the intersection with George St. Previously used as a car yard because of its prominent corner position, it has a small building at the rear.