, Parnell, Auckland

Freehold Development Site with two Road Frontages

- Rare freehold Parnell development site\n- 950sqm with 2 road frontages (The Strand and Augustus Terrace)\n- Returning $94,832 + GST p.a. from established tenant with 12 month demolition clause\n\nRarely do freehold development sites in such a favourable location become available to the market. This property enjoys a high profile position on The Strand in Parnell, located at the bottom of Parnell Rise and a short distance from the Port, Britomart and the Auckland's CBD. The site has dual street frontages to The Strand and Augustus Terrace, and features a frontage of approximately 30 metres at the front of the property to the Strand.\n\nThe property is fully leased to Bridgestone New Zealand Limited and is returning $94,832 + GST p.a. The tenant has occupied the premises for over 20 years, with the current term expiring on 31st October 2014 (12 month demolition clause in place). An opportunity exists to develop the property in the medium term, taking advantage of the dual street frontages and generous height allowances under the current zoning, or land bank as a long term hold and take advantage of future development of this prime City Fringe location.\n\nIn summary, a highly versatile freehold property with genuine add value potential.\n