• One of the last development sites on Carlton Gore Road

• Opportunity to upgrade commercial building and develop the rear

• A regular shaped site of 1,836sqm with an easy falling contour

• Business-Metropolitan Zone allows multilevel mixed-use development flexibility

• Unimpeded views over Auckland Domain and Newmarket central

The liquidator requires action and the property will be sold. Melanesian leasehold tenure 21-year term renewals in perpetuity with the ground rental having just been reviewed. Tidy two-level commercial building with three retail occupiers on the road frontage and a basement gym with plenty of carparking. Medium-term tenancies provide a gross holding income of $385,343 per annum to support the ground rental obligation while completing planning and consents.

With views over Auckland Domain and Newmarket central, it is likely due to the leasehold nature of the site, that a mixed-use high-density development, focusing on residential will be considered. Apartment and terrace house developers should look together with the build-to-rent sector. An excellent location near Auckland Hospital, the Grafton Rail Station, University of Auckland's Newmarket and Grafton campuses and Newmarket Central.

100% occupied with four tenancies returning a gross income of $385,343 per annum.