Central City
2-6 Carroll Street, Central City, Dunedin
For Sale by Negotiation
Prized CBD development site with holding income
• Total 1,201sqm (more or less) on two titles
• Highly visible corner site on busy main street intersection plus easy access
• Proximity to CBD, Andersons Bay Road, and South Dunedin commercial centres
• $86,616 current income not allowing for vacant spaces
Develop now or hold for future opportunities. This is a statement corner site prominently situated in the Dunedin CBD enjoying high passing traffic volumes. Excellent access to the city's commercial centres with easy on-street and onsite parking options.
Two freehold titles, three buildings, currently up to seven tenancies plus leased parking with demolition clauses in place. Two front buildings are 40% and 15% NBS respectively, the rear building is 40% NBS with a pathway to achieve over 67% if desired. Short to medium-term rental improvement options include converting the ground floor to car parking and leasing two upstairs spaces as five and three-bedroom apartments.
New planning rules open up wide possibilities for this site.
Robin Hyndman
Otago Realty Group Ltd, Bayleys,
Licensed under the REA Act 2008
Features
Land area
Total 1,201sqm (more or less) on two titles
Location
Highly visible corner site on busy main street intersection plus easy access
Accessibility
Proximity to CBD, Andersons Bay Road and South Dunedin commercial centres
Passing income
$86,616 current net income with two vacancies
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