Built in 1912, the former Ponsonby Post Office which occupied the prime corner position at the intersection of Ponsonby Road, Jervois Road, College Hill and St Marys Road has been sold by Bruce Whillans and Henry Thompson from Ray White Commercial Auckland.
The stunning, baroque landmark is fully leased and has a total tenancy area of 538msq in a Residential 7A zone. The sale price of $4.86 million showed an initial 6% yield on the property which is fully tenanted with a return totalling $292,040 plus GST per annum.
Bruce Whillans, owner of Ray White Commercial Auckland, said that the standalone freehold building was extensively renovated and is well maintained. “It is an opportunity that rarely comes to the market and we had several interested parties, with the purchaser being an expat New Zealander based overseas with other property in the area.”
Henry Thompson said “The Ponsonby Post Office is a strategically located position at the crossroads of some of New Zealand’s wealthiest suburbs. Given that the property is fully leased and has held a near on 100% occupancy, seldom do opportunities like this arise and the interest in the property was strong.”