Queenstown-based Westwood Group acquires Ponsonby Central

“There are considerable similarities between Ponsonby Centre and Queenstown’s Ship Wharf, so we believe we have the expertise to help Ponsonby Centre continue to develop into a first-class food, beverage and retail destination.”

Andy Davies, the long-term owner and creator of Ponsonby Junction, which opened in 2012, said he would invest in the new development.

“I’m looking to complete some new projects and I’m really enjoying the opportunity to be involved in some different developments. It’s been great to see Ponsonby Centre take shape and grow into one of the most popular shopping and dining precincts in central Auckland.”

Davis said last year that a variety of factors contributed to his decision to abandon the property.

“There are more reasons than one. First, I have two new projects to work on. Second, about a third of the site is only one story high, but could be built to four or five stories. Third, my passion is creating new spaces, not maintaining what we’ve already done.”

The terms of the lease mean he cannot start work on two new Ponsonby projects – a retail and commercial development – for some time.

He was published in The Herald It tells how he dropped out of high school and started a career in a men’s clothing store. By 2014, he reportedly held more than 50 titles in Auckland and a holiday home in Waihi, with a total value of $74.6 million.

Restaurants at Ponsonby Central include Burger Burger, Gaja, Blue Breeze Inn, Bird on a Wire and Bedford Soda & Liquor. They offer cuisine from more than a dozen countries, including Italy, Thailand, Argentina, France and Venezuela. The business describes it as an “outdoor strip lined with trendy international cafes and bars, gourmet food vendors and eclectic boutiques”.

The centre also features a Silky Otter cinema, penthouse apartments and shops, and underground parking.

Blair Peterken of Colliers International led the sales process in conjunction with Adam White and the Colliers International Capital Markets team.

Anne Gibson The Herald‘s real estate editor for 24 years, has written books, and has reported extensively on real estate issues both domestically and internationally.