A development site in a high-profile location has hit the market in Remuera, offering the perfect opportunity for developers and investors.
Located at 627 Remuera Road, the 330sqm property is a house that comprises three residential units and one commercial unit.
The property is being marketed by Ray White Remuera agent Ben Ryken on behalf of a private family who has owned the property for decades.
He said the three residential units were currently tenanted.
“The property is zoned for terrace housing and apartment building zoned and has great development potential,” Mr Ryken said.
“It provides a chance to have a strong cash flow of over $80,000 per annum while the buyer plans their next move with the property.
“The proximity to the Upland Road shops will appeal as it becomes a great corner hub of Remuera and continues to flourish with new and exciting retail and hospitality businesses.”
Mr Ryken said he believed the property would attract a lot of interest from developers and investors due to its high-profile position.
“For properties such as this, they are popular as they have high visibility and allow for the ultimate buyer to showcase modern architecture in a sensible way, allowing better quality housing to take up the site,” he said.
The property will be sold via online auction on April 28 at 3.30pm.