This is a once in a lifetime opportunity to purchase such a large strategic block of high density residential land nestled at the base of Mauao (“The Mount”). The property offers breath taking views of the harbour and Pilot Bay as well as Mauao along the wide northern boundary.
There are substantial improvements on the site with 10 different residential units which are generating an excellent rental income. There are substantial improvements on the site with 10 different residential units. These are currently generating an excellent rental income through long term tenancies, with further upside potential through more managed short term holiday accommodation. The new owner will have lots of options with this very unique property. They can either sit back, take the income as well as future capital gains from such a large block of land or go ahead with a comprehensive residential development on site. The zoning allows for up to 20 long term dwellings to be constructed on the site.
This location will always remain in high demand from premium residential buyers which are starved of opportunities to purchase new accommodation in this exclusive beachside location. Large, high density sites like this will also become harder and harder to find which will drive the underlying land value up over time.