Development potential in Remuera
A standalone property with three residential tenancies and a medical room in Remuera is being offered for sale for the first time in 32 years.
The property at 627 Remuera Rd comprises a 307sq m building, with four bedrooms and one bathroom, on a 721sq m freehold site.
Barfoot and Thompson agents Agnes Teh and Kim Loo, who are marketing the property for sale by tender, closing on November 17, say it is zoned Terrace Housing and Apartment Building so could be developed to its highest and best use.
"The property will appeal to developers seeking to take advantage of its location in a premium suburb and its potential to be turned into an apartment block or terrace housing."
There are three residential tenancies in place at 627 Remuera Rd, all on periodic terms, as well as the owner’s medical room. The property has a gross annual rental income of $76,960.
The 1920s three-level weatherboard building, which features in Barfoot and Thompson's Insite portfolio publication, also comes with eight on-site car parks, and is within walking distance to a retail strip and shopping mall and offers easy access to the Southern Motorway.
Also featured in the Insite portfolio is a new commercial-residential development at 94-104 Main Rd, in Kumeu.
Selling agent Brian Paulin says each of the units for sale consists of a two-bedroom first floor apartment or office space with a separate ground floor unit that can be used "for food, cafes, retail and service retail".
Paulin adds: "All the units in stage one are road front, ensuring foot and vehicle traffic."
The 124sq m units, which will be settled when the unit titles and certificate of completion have been issued, could also be combined into a 248sq m unit.
Each unit has two allocated car parks, plus access to 22 visitor car parks. The two-bedroom first floor apartments that start at 55sq mm could be converted into offices, and include a terraced outdoor space, as well as kitchen, bathroom and laundry cupboard.
The ground floor retail units, which include a chimerical space, bathroom and kitchenette, could also be combined.
“With a large housing development company confirmed to build 174 homes, Kumeu Central is shaping up to be a fantastic investment,” says
Paulin. “With its modern design with tree lined spacious streets and beautiful views of the surrounding landscape, it offers a unique and desirable place to live, work and play.”
He points out that investment in motorways have improved Kumeu accessibility to Auckland central to 20 minutes, making it a desirable business and lifestyle destination.
The build includes concrete floors and inter-tenancy walls with vertical shiplap cedar weatherboard cladding. Paulin says sales prices start from $799,000 and estimated completion date is September 2020.