The offering encompasses a high profile 847 sq m corner site with a vacant 307 sq m single-level building at 10-12 Jervois Rd in Ponsonby’s Three Lamps precinct.
“This is a superb development site with a Town Centre zoning which enables it to be developed more intensively up to a height of 13 metres, incorporating a wide range of commercial and residential uses,” says Bayleys senior broker Cameron Melhuish.
He and Bayleys corporate projects director Gerald Rundle have been appointed sole agents to market the property. Featured in Bayleys’ first Total Property portfolio for 2021, it is for sale by deadline private treaty closing on Tuesday, March 16.
The site has been owned by the Crown since 1879 and over the years has housed a variety of buildings including the Ponsonby Community Hall, a fire station and two police stations.
“This underutilised, sizeable freehold land holding is one of Ponsonby's last remaining substantial development sites,” says Melhuish. “It is a rare opportunity in this tightly held precinct and will have appeal to developers, add value investors, owner occupiers and land bankers.
“An added attraction is the property’s high profile corner location. It is an opportunity for someone to build something which they can drive past knowing they’ve made their mark on this prestigious location.
“The flexible zoning means the site could accommodate a mix of ground floor retail and food and beverage tenancies with high-quality apartments or premium offices above. However, it also allows for a range of other uses such as healthcare and community facilities. The land slopes away to the rear of the site which means it might be possible to incorporate some basement parking into a redevelopment.”
Gerald Rundle says there is also an opportunity for an owner occupier or add value investor to upgrade and modernise the existing building and create bespoke premises for a business looking for a high-exposure central city site to enhance their brand presence. There are eight off-street parks located at the rear of the building, accessed off Redmond St, which were previously used for police cars and could increase the property’s appeal for a business occupier.
The property is located a short distance from the intersection of Jervois Rd with College Hill and Ponsonby Rd which provides access to the Three Lamps retail precinct located at the northern end of Ponsonby Rd.
The site has extensive frontages to both Jervois Rd and Redmond St. The latter is a short one-way street that diverts vehicles heading north along Ponsonby Rd onto Jervois Rd. It carries high volumes of traffic either heading into the CBD, to the North Shore via the Curran St on-ramp to the harbour bridge or further west.
“The property is well positioned in sought after, vibrant location surrounded by the affluent residential suburbs of Herne Bay, Ponsonby, St Marys Bay and College Hill,” says Rundle.