Auckland – 859m2 Freehold Land – Potential 4 House Site – $588,000

 

Fantastic opportunity to landbank, subdivide and hold, or develop and sell. Zoned “Mixed Housing Suburban” under the Unitary Plan with potential for 4 dwellings to be located on site.

The 859m2 Freehold site is close to amenities and transport options. The current 3 bedroom house has a  large garden, sunny deck area and seperate double garaging providing an approximate rental income of $28,000 – $30,000.

Lots of options for an astute buyer.  Contact me today for further information or to view.

Price: $588,000
Land:  859m2 Subdividable (subject to council approval)

Building: 90m2
Bedrooms: 3
Bathroom: 1
Rates: $1,645.64pa
Rental Appraisal: $550-600pw

 

A few option to add value to this property

Option 1
Reno: $35k. New bathroom & kitchen, Paint and floor coverings. 
Re-sell or re value after Reno: $680k
Turnaround time 4-6 weeks

Option 2
Cut the back site off; Cost $120k
Sell front house on its own after your $30k reno for $570k
Sell the back site on its own: $350k or build 2 Terrance Houses
Total cost: $578=$30k+$120k = $728
Total resell: $570k + $320k = $890k
Turnaround time 6 months.

Option 3,
Remove existing house.
Build 4+ 150m2, 3 bed, 2 bath Houses
Building and Subdivide cost $1.7m
Land Cost $578k
Total cost $2.278m
Resell 4x $650k+ = $2.6m
Note: A new wave of 1st home buyers can now get 90% and 95% loans on new builds 
Turnaround time 12 months.

We have had a surveyor visit the site and confirmed that either options above are achievable.

 

 

If you would like further information or would like to discuss this property please contact us on details below.

Email or call me and have a chat about it info@cashflowproperty.co.nz
Mobile: 021 182 6547
Phone:  09 215 6202

Other

Price
$588,000  
Rental Income
$550-600pw  
Bedrooms
3  
Bathrooms
1  
Land Size
859m2  
Dwelling size
90m2  
Rates
$1,645.54  
Property ID
232  
Deal Status
S O L D  
Garage
Seperate Double Garage  

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