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Adjoining post-war houses on large corner section placed on the market for sale

The two properties at 1 and 3 Mokau Street on the Ponsonby/Grey Lynn border comprise two single-level units built in the 1940s - sitting on a combined landholding of some 750-square metres at the intersection of Richmond Road. Each unit has its own individual land title.

Number 1 Mokau Street sits on a 379-square metre site with a separate single vehicle garage and driveway off Richmond Road. The dwelling’s yard space is surrounded by hedge-lined borders. Zoning by official real estate data agency Land Information New Zealand identifies the property as being within the suburb of Grey Lynn.

Meanwhile 3 Mokau Street is a tree-lined 371-square metre site with uncovered vehicle parking, and a sizeable wooden deck area off the dining room then stepping down onto the lawn. Land Information New Zealand identifies this property as being within the suburb of Ponsonby.

The internal room layout of the two units varies slightly, however they both have all-in-one bathrooms, as well as office/media rooms, in addition to the sole bedroom within each dwelling.

Both units are situated on flat freehold land zoned Residential Mixed Housing Urban under the Auckland Council Plan, and are now being marketed for sale by tender through Bayleys Ponsonby, with tenders closing on August 10. Bayleys Ponsonby salespeople Jock Kooger, Pawel Smuga, and MJ Kooger said the two units would appeal to the full gamut of cliched buyer dynamics. They said the units could be tendered for individually, or together.

“Brimming with character and reflective of New Zealand’s post-war era state house architectural style, both dwellings have remained true to their original design,” Jock Kooger said.

“In their current configuration, the two well-maintained and ‘ready-to-move-in-to' low maintenance units would obviously hold substantial interest for residential property investors looking for an instant revenue generator.

“Under that auspice, they are perfect for a buying intervention by the proverbial ‘bank of mum and dad’ looking to purchase two similarly-sized and apportioned dwellings for their children. Being of nearly identical size, room configuration and location that would circumvent any arguments between the children on any perceived preferential treatment.

“And for ‘empty nester’ investors there is also the potential to have one of the dwellings utilised as an owner-occupier residence, and letting the adjoining unit. With the option of both units being sold jointly, there could well be encouraging implications for lending limitations which potential buyers could discuss with their financial advisors.”

Pawel Smuga said Auckland Council’s Residential Mixed Housing Urban zoning also meant the corner site with access from two different streets would appeal to property developers looking at intensifying land-use on the location while simultaneously retaining the character of the Grey Lynn/Ponsonby locale.

“The Residential Mixed Housing Urban classification allows for the increase of housing capacity up to three storeys high on a site which has good access to public transport, which the Mokau Street addresses certainly do - being just across the road from a bus stop on Richmond Road,” Smuga said.

“The zoning allows for up to three dwellings to be built as of right, of course subject to compliance with council standards to ensure a quality outcome for adjoining sites and the wider neighbourhood, while resource consent is required for four or more dwellings.

“The bylaw allows for the construction of new homes in a variety of variety of sizes and forms - including detached dwellings, terrace housing and low-rise apartments.”

Click here for more information on the listing.

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