Grey Lynn Land with Holding Income
454, Great North Road, Grey Lynn, Auckland City
- Proposed Usage
- Floor Area
- 933.00 m²
- Land Area
- 1626.00 m²
- Property ID
- Owned for over 20 years, now its time to sell!
- High profile 1,626qsm site zoned 'Terrace Housing and Apartment Building' (THAB)
- Excellent city fringe location in the sought-after suburb of Grey Lynn
- Holding income from residential tenancies of circa $321,880 p.a. (gross)
Well-appointed on Grey Lynn's Great North Road, this is a popular residential and commercial location. A number of high-end boutique apartment developments have been completed and Bunnings new store is just down the road. This location is well serviced by public transport and both Ponsonby and Auckland's CBD are just a short drive away.
Add-value investors, developers and land bankers, explore the options this strategic land holding provides. The flexible THAB zoning provides considerable development potential with a bulk & location report available demonstrating a 54 unit apartment development, made possible with the heritage status of the building now removed.
No need to develop right away, the property generates a good holding income of approximately $321,880 p.a. (gross) from 30 residential tenancies on periodic terms (notional fully leased $372,060 p.a.). Refurbishment of the existing building to maximise this income is another possibility worth investigating.