A property with excellent development potential with two street access points from Champion Street and Somerset Place.

Featuring a sizable 5,197 sqm of land and 1,010 sqm of floor area over nine (9) x 3 bedroom homes aged between 1970-1979 with various renovations undertaken over the years. R.V $1,650,000.

The properties are all rented on periodic tenancies with a current gross rental returning $166,920 p.a and approximately $31,174 of operating expenses ($135,746 Net passing income p.a) with good potential to increase the rental return with one home currently vacant and through rent improvements.

The site has a gradual gradient from the council car parking access on Somerset Place down to the main road on Champion Street which has additional council and street car parking.

With multiple holding incomes in place, this is an excellent opportunity to seek resource consent for more intensive housing development, a subdivision into smaller blocks or individual homes, or hold as is and enjoy a steady income stream.

To arrange a site viewing or to discuss this opportunity further, please make contact with the agents.

To register your interest, plus access supplementary documents, please copy and paste the following link into your internet browser: https://www.propertyfiles.co.nz/3305147