Queenstown’s Westwood Group has bought Auckland restaurant/cinema/office hub Ponsonby Central, estimated to be valued at about $70 million, although no sale price has been declared.

Real estate agency Colliers announced the deal today.

Westwood owns Queenstown’s Steamer Wharf in the centre of town as well as various shops and offices in the tourist hub including Malaghan House, where Deloitte is based.

Tony Butson, a Westwood Group director, said the Ponsonby asset was a standout to add to existing holdings.

“The opportunity to purchase this property given its prominent location in one of Auckland’s most keenly sought suburbs was too good to pass up.

“There are considerable similarities between Ponsonby Central and Steamer Wharf in Queenstown so we believe we have plenty of expertise to help Ponsonby Central continue to evolve as a premier food and beverage and retail offering.”

Andy Davies, the long-time owner and creator of the Ponsonby hub, which opened in 2012, said he would invest in new developments.

“I am looking to complete some new projects and I am incredibly excited about the opportunity to tackle some different developments. It has been a great experience watching Ponsonby Central take shape and grow into one of central Auckland’s most popular shopping and dining precincts.”

Property developer Andy Davies with his dogs at Ponsonby Central. Photo / Getty Images

Davies said last year that a combination of factors made him decide to quit the property.

“It’s more than one thing. The first reason is I have two new projects to do. Second, around a third of the site is only one-storey high but could be built up to four or five levels. Third, my passion is to create new spaces, not maintain what we’ve finished.”

Lease provisions meant he could not begin work on the two new Ponsonby projects for some time. The projects were retail and commercial developments.

He was featured in the Herald last decade, telling how he dropped out of high school and started his career in a menswear shop. By 2014, he was reported to own more than 50 titles in Auckland and a holiday home in Waihī, with a combined value of $74.6m.

Restaurants in Ponsonby Central include Burger Burger, Gaja, Blue Breeze Inn, Bird on a Wire and Bedford Soda & Liquor. They offer cuisines from a dozen countries, including Italy, Thailand, Argentina, France and Venezuela. The business says it’s an “outdoor strip lined with chic, global cafes and bars, gourmet food vendors and eclectic boutiques”.

The Silky Otto cinema, a penthouse apartment and shops are also in the hub, which has underground car parking.

Colliers’ Blair Peterken led the sales process with Adam White and the Colliers capital markets team.

Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.