A freestanding property which has been held by one family for almost 35 years is being offered for sale by auction. The property sits along the ridgeline of Remuera Road in a premium suburb.
‘This property is in a high profile, main road location and is sure to attract interest from developers who understand the value of Remuera land holdings such as these,” says Ray White salesperson Ben Ryken who is marketing the large house and site.
627 Remuera Road is divided into four tenancies, three of which are residential and one commercial unit which for 35 years has been a health clinic, and a dentist's office prior to that.
The property has a gross annual rental income of $83,980. The medical clinic which is currently vacant has a rental appraisal of $500 - $550 a week which could add another $26,000 to the total gross rental income.
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“We have seen a plethora of development in what is one of Auckland’s most affluent suburbs, and it is allowing a more affordable entry into the market for those purchasers wanting to have a low maintenance home, while still being close to central Auckland and the local amenities.”
The centrally located property is surrounded by an array of prominent local hospitality offerings and with further residential and commercial growth on the horizon, it is sure to be a sought after location for someone savvy to develop it.
The Remuera Road property is zoned for redevelopment under the Auckland Unitary Plan for Residential - Terrace Housing and Apartment Buildings (THAB). “There are plenty of options here, it will come down to a creative buyer understanding where there is a gap in the market and understanding what buyers today want in a home," Ryken says.
“A unique proposition such as 627 Remuera Road, which has both residential and commercial purposes, is highly favourable to banks and lenders. A lot of buyers who seek out these opportunities are working closely alongside financial advisors such as Cameron Marcroft and the team at Loan Market Central,” says Ryken.
Marcroft says: “The challenging lending environment at the moment has meant a spike in inquiry from people who are needing navigation through the various banking policies and what they might be able to achieve with their investments.”
- Article supplied by Ray White
