Know When to Hold!
Being sold as one lot of 1589sqm, this is a large and significant development opportunity for builders and developers. Currently supporting three houses with a substantial rental income, a new owner may choose to keep these returns in place while plans and consents for new housing is refined. There is potential to build 16 two-bedroom units on the site.
RSDT zoning is most advantageous in this quiet leafy suburban street. This part of Spreydon so close to the city, is fast becoming gentrified with many young professionals renovating affordable bungalows. Proximity to our Port Hills 'playground' attracts residents of all ages and schooling at Somerfield and Cashmere High is favored. We suggest new homes on this site would be crowd pleasing and keenly sought after.
Of the three houses, two are older bungalows and have probably done their time, nevertheless both are well tenanted. Our sellers currently live in the third house, a four-bedroom 1990's townhouse which has served them well. However, after residing at 232 Selwyn Street for 40 years, they are now under way with new plans elsewhere and are determined to quit what has been a rewarding investment for four decades! They sure knew when to 'hold'. Now it's time to 'fold'!
Please contact Cindy-Lee Sinclair for more information and for viewing times.
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Please be aware that this information may have been sourced from REINZ/Property Smarts/Land Information New Zealand/the relevant local authority/CERA and we have not been able to verify the accuracy of the same.