In addition to all the development potential, this property is a very good longterm investment in its own right.
Positioned just moments from the heart of Wellington's political and business district, this substantial 2,315m² flat site - set across two elevated benches - offers one of the most compelling development prospects in the inner city.
With annual holding income capable of exceeding $500,000, the property delivers strong cashflow while you plan your next move. Located approximately 100 metres from The Terrace and under 500 metres from the Beehive, the site benefits from unparalleled proximity to the CBD, Parliament, and major transport links.
Zoned High Density Residential with a 22-metre height control, the opportunities are extensive-ideal for a multi-unit townhouse development or a vertical build to fully leverage the location and zoning.
You could also hold the existing buildings and income and add a large amount of townhouse or apartments. Options galore!
Currently comprising six income-producing flats, configured as:
- 2 x four-bedroom units
- 3 x six-bedroom units
- 1 x seven-bedroom unit
Additionally, there is 28 carparks 100m from the lower end of The Terrace.
Together providing 35+ bedrooms, the property generates a gross yield of over half a million dollars, making it an outstanding land-bank, development, or long-term investment proposition.
A rare chance to secure a large, flat, high-density site in the city centre-opportunities of this scale and location seldom come to market.
New Rateable Value - $4,350,000
Old Rateable Value - $6,550,000
A full information pack will be available upon request.
