As is, where is, apartment complex in Ponsonby
A city-fringe apartment complex in need of remediation, located in the sought-after Three Lamps shopping district, will attract attention from add-value investors and developers, Bayleys salespeople say.
Comprising 12 individually-titled residential properties, 930sq m of freehold land at 11 Cowan St occupies a prime corner location.
This provides scope to repair and reinstate the existing development or take advantage of the location to redevelop the property.
Bayleys Auckland City & Fringe salesperson James Were says since the complex is being sold in its existing condition, the properties will be sold on an as is, where is basis.
Were is marketing the property with colleague Cameron Melhuish. It will be sold by tender with the process closing on Tuesday, 6 December unless sold prior.
Initially constructed in 1965 and refurbished in 1997, comprising two levels with six apartments on each floor totalling 650sq m, each one-bedroom residence is fully selfcontained, with configurations of up to 48sq m.
Melhuish says the lower-level units each gain private courtyard access, while the upper residences feature balconies and views of the Hauraki Gulf. Each unit has carparking provisions.
The units are part owner-occupied and part residentially tenanted.
“Mt Hobson Group has submitted a Plan 78 change on behalf of the Body Corporate, which seeks a zone change from Residential–Single House to Residential–Terrace Housing and Apartment Buildings zone.
“Subject to council’s approval, this would potentially increase the site’s scope for development, giving it an additional 11m in height overlay.
“The private plan change application specifically includes an increase to housing density, which would allow for more apartments to be built on the site, thus creating significant upside for a new purchaser choosing to redevelop,” he says.