79 Wakefield Street, Auckland Central, Auckland City, Auckland

79 Wakefield Street, Auckland Central, Auckland City, Auckland Under-developed CBD Site with holding income

Bayleys Real Estate Ltd is pleased to offer 79 Wakefield Street, Auckland Central for sale by way of Deadline Private Treaty closing at 4pm on Friday 17th June 2022 (unless sold prior).

Located within the 'Learning Quarter', close by both The University of Auckland and AUT, this under-developed site with dual street frontage is ready for a new lease on life.

With favourable zoning parameters under the Auckland Unitary Plan (50m height limit and 8:1 MTFAR), this property is well suited for development or as an add-value or land-bank proposition.

Currently the property is made up of a three-level, mixed-use building on the Wakefield Street frontage and car parks on the rear of the site which can be accessed via Airedale Street.

The ground floor retail tenancy hosts V Market, a superette/dairy catering to local workers and the significant student population in the immediate area. The lower ground floor / basement is utilised by the superette for storage and incorporates a loading dock accessed via a roller door at the rear of the building. Residential accommodation makes up the first floor with 8 bedrooms, a common kitchen and bathroom facilities.

Holding income (projected to be circa $102,904 NET) is derived from the 8 car parks which are leased on a weekly basis as well as a singular commercial lease across the entire building with a final expiry date slated for 31st December 2022.

Land-bank, add-value or develop, this property is worth a look, call the sole agents for further information.

Features:

• 443sqm site (more or less)

• Circa 513sqm building

• Dual street frontage

• Under-developed site with 50m height limit & 8:1 MTFAR (according to the Auckland unitary plan)

• Projected holding income - $102,904p.a. net

• Located within (learning quarter) provides student-related opportunities