10 Macmurray Road, Remuera, Auckland

Remuera Land: Investment or development?

- Ultimate passive investment or landbank for development
- Ground lessor's interest in 1,821sqm site in sought-after city fringe position
- Ground rent income of $217,000 with 2023 review to provide considerable upside
- Highly desirable location near Newmarket with Mixed-Use and DGZ zoning

A truly unique opportunity to secure the lessor's interest in a large landholding in Remuera, one of Auckland's most sought-after suburbs and witness to considerable residential and commercial development in recent years.

The property is surrounded by a mixture of character homes, high-end residential apartments and boutique commercial and medical properties. It is a short walk to the plentiful attractions Newmarket has to offer and is handily located for motorway on-ramps, hospitals and Auckland's CBD.

As an investor, simply sit back and enjoy the $217,000 + GST p.a. (net) cash flow this hands-off investment provides, in the form of the ground rent paid by the ground lessee, who runs the rest home positioned on the land.

The desirability of this prime city fringe location with its intensive Business - Mixed Use zoning, combined with its Double Grammar school zoning, has fuelled the fast rise of land values in the area, in cases, doubling and more over the last 7 years.

With a renewal and market rent review due in October 2023, there is significant upside to be investigated, primarily in the form of higher rental or possibly a development opportunity. Call to discuss the potential today.