Description: This large 1,214 sqm (more or less) freehold parcel of land has a capacity of 27 habitable rooms under the 'Inner City Residential' Second Generation Plan zoning (subject to consents).
The property is made up of two distinct development components: an existing building for internal development and bare land for further new build development. The large existing building has a heritage facade and is empty and cleared out for development. The Vendor has drawn concept plans for 4x 2-bedroom apartments within the building, leaving a maximum of 19 habitable rooms potential on the vacant land uphill. A concept has also been devised for this area including new units, car parking and street access for single entry and single exit.
A Resource Consent was started but with a change in personal circumstances, the Vendors have not completed this process and have made the land available for another developer to take on the project. A new Resource Consent would be needed to be undertaken by a new owner.
Inner city apartments have been extremely popular with tenants, investors and owner occupiers in recent years and this purchase provides the opportunity to provide a solution to the high demand for quality accommodation that exists.
A full Colliers Information Memorandum is available including Vendor concept plans, Council LIM, prior apartment sales evidence and development considerations. Enquire to request a copy.
Viewings are by private appointment only with our Broker.