Invest or redevelop on this prime Mount Maunganui site near the base of Mauao, with expansive views over Pilot Bay
A large beachfront redevelopment property with breathtaking views of Mount Maunganui and Pilot Bay is being marketed for sale as an “extraordinary opportunity” for investors and developers.
Strategically located near the base of The Mount, the 2,023sq m property at 6 The Mall is generously zoned for high-density residential.
Ten existing dwellings return almost $180,000 in net annual rent, providing useful holding income while a new owner makes plans to unlock the site’s potential.
Colliers International is marketing the property for sale by deadline private treaty closing at 4pm on Thursday 14 February, unless it is sold earlier.
Simon Clark, Managing Director of Colliers Tauranga, says redevelopment sites of this scale are becoming almost impossible to find at The Mount, let alone on the waterfront.
“This is an extraordinary opportunity to purchase a substantial, strategic block of residential land in a sought-after ‘Golden Triangle’ location.
“The property is superbly positioned at the northern end of The Mall, which puts it within walking distance of an incredible range of shops, restaurants and recreational facilities.
“This area will always remain in high demand from premium residential buyers, who are starved of opportunities to purchase new accommodation in this exclusive beachside location.”
High Density Residential zoning allows for up to 20 long-term dwellings to be built on the site.
“Residents will be able to enjoy expansive views of the inner harbour and Pilot Bay, as well as Mauao/The Mount along the wide northern boundary.
“With its stunning northerly aspect, generous zoning and near-unbeatable location, you’d be hard-pressed to find a more desirable residential redevelopment site in the area.”
The property is likely to appeal to a broad range of buyers, says Clark.
“The scarcity of large, high-density sites like this will likely drive up the underlying land value over time, making this property attractive to both investors and developers.
“A new owner could choose to sit back and enjoy excellent rental income from the existing long-term residential tenancies, while banking on future capital gains.
“A more active investor could reposition the property for further upside through managed short-term holiday accommodation.
“Developers will be able to draw on solid holding income while planning a comprehensive residential redevelopment scheme for the site.”
Duncan Woodhouse, of Colliers International Tauranga, says the property’s premium location ensures any new development will likely appeal to both visitors and residents.
“There are numerous recreational and lifestyle amenities within easy walking distance of the property.
“The Mount’s main beach is great for sunbathing, swimming and surfing, while Pilot Bay offers protected inner-harbour swimming and a ramp for launching trailer boats.
“Walking tracks on and around Mauao offer idyllic coastal views. The beautiful natural environment is complemented by the constantly changing scenes of the inner harbour, with cruise ships and launches always coming and going.
“There are plenty of cafes and restaurants within walking distance on Marine Parade, while the nearby Mount Hot Pools provide a place to relax and unwind.
“To the south, the downtown shops offer a huge selection of boutique retailers, cafes, restaurants, and a cinema complex. The international cruise ship terminal is also nearby.
“This proximity to the heart of The Mount makes the property ideal for visitors and long-term residents alike.”
The property is held on seven cross-lease titles, which are all being sold at once.
A 349sq m building at the front of the site is on a single title, with the remaining titles divided among six units in a 357sq m block of flats at the rear.
The front building, known as the Mereden flats, is an Art Deco block constructed in the 1940s. It was among the first apartment developments at The Mount.
The two-level building comprises four two-bedroom flats on a mix short- and long-term leases. It is constructed of concrete piles with timber floors, stucco exterior cladding, newer aluminium windows and a concrete tile roof.
The rear building is a newer block of flats constructed in the late 1960s. It comprises three ground floor units, each with two bedrooms, and three upstairs units, each with one bedroom.
All six units are leased on a long-term basis. There are also six carport and storage areas at the rear.
The rear building is constructed of concrete foundations and floor, with aluminium joinery and a mix of concrete blocks and cladding on the exterior.
The property’s High Density Residential zoning is designed to allow for an intensive mix of visitor and permanent accommodation. Development of up to 9m in height is allowed.
One dwelling or self-contained visitor accommodation unit is permitted per 100sq m.
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