11 and 13 Karaka Street.
This super city fringe dual site is a must to add to your list.
With current holding income of approximately $180,000pa with options to renovate to increase return, or look to create your own commercial or residential mix. Current concept plans available for 60 apartments with 27 car parks with the extended height limit of 32.5metres in Mixed Use zone.
This pocket of Eden Terrace is a short walk to the centre of all you need, with the CBD on one side, Ponsonby to your West, or Grafton just up the road. Just a short stroll to great local café's and restaurants, and a great hub with demand and need of more accommodation and good commercial.
So whatever you decide to build here, the numbers could look very favourable.
Property overview:
• Two freehold titles totalling 552sqm
• Concept plans for 60 apartments with 27 car parks.
• Current holding income of approximately $180,000pa from a boarding house on site.
• Below road contour saving on excavation costs.
• 32.5 metre extended height limited under Newton Height Variation Control in the Unitary Plan with Mixed Use zoning
Contact Jock Kooger for more information on 021 321 856.
