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Standalone commercial property in Ponsonby well-positioned for growth

The two-level standalone building at 5 Rose Road in the evolving Ponsonby commercial and residential precinct, is a standout example of a quality conversion project that saw a former office/warehouse building completely transformed into a stylish and bespoke hospitality venue.

It offers 566sqm building area and the site is 379sqm.

The property is currently occupied by the upmarket Vodka Room which offers Russian-themed dining, cocktail bars, and unique function spaces including private karaoke rooms and an outdoor courtyard.

Cameron Melhuish and Matt Bayley of Bayleys Auckland Central’s commercial team are marketing the property for sale or lease by deadline private treaty closing 27th April, unless sold or leased prior. It will be sold with vacant possession and a modest annual billboard income.

Melhuish says everything else aside – he takes his hat off to the owner who has done an exemplary job of reinventing the original property – it’s the location that is the true selling point here.

“In a market that currently has a voracious appetite for quality, well-positioned commercial property, the Rose Road offering is unrivalled, and a huge amount of investment has been made which a new owner can take advantage,” he said.

“It’s a boomer of a location – and many an investor is lamenting the fact that they didn’t get a foothold here earlier.

“But, here’s a chance to secure a pivotal spot in a neighbourhood that’s continuing to flex and evolve under the more-relaxed development guidelines that the Business-Town Centre zoning overlaying the site allows.

“While the building has been configured for hospitality, you’d be hard-pressed to find another property that’s been transformed so diligently.”

The current owner undertook a comprehensive no-expense-spared upgrade, extension and refurbishment of the property in 2015/16. The building was effectively gutted, and all new services installed, including air-conditioning, plumbing, wiring, and amenities along with creating additional floor area with a new covered deck to the front and a courtyard to the rear.

Then followed creative and high-end decorating to achieve a one-off look and feel to the space which brings a taste of Moscow to city-fringe Auckland.

Matt Bayley said the quality of the rebuild and the finishes used could easily see the property morph to boutique retail premises, a retail showroom with offices above or simply as dedicated offices with a high level of amenity.

“The zoning would also support a live-work configuration with residential accommodation on the upper level and street-facing workspace.

“The neighbouring area has seen the rise of quality, niche apartment developments and the drawcard of Ponsonby Road’s dining offerings along with the streamlined access to the Auckland public transport and roading network underpins the location for an accommodation use.”

The Grey Lynn/Ponsonby area was identified as suitable for higher-density growth in the Auckland Unitary Plan and this has tangibly opened up opportunity in the area.

“We’ve seen plenty of growth already with Countdown starting the ball rolling in a high-profile site and then the mixed-use and residential developments tag-teaming since,” said Melhuish.

“It’s exciting to walk around the Cider and Vinegar Lane developments to see how new-look suburban residential growth is happening.

“The former Glengarry site on the corner of Williamson Avenue and Pollen Street is the next cab off the rank, with seasoned developer Mark Todd developing a new residential project, The Greenhouse.

“Further, with the K’Road rejuvenation project advancing and the City Rail Link base infrastructure progressing on the site of the former Mercury Lane foodcourt, the Ponsonby and Grey Lynn areas are expected to continue their rise in popularity as examples of well-connected, vibrant and liveable neighbourhoods.”

Click here for more information on the listing.

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