This high-profile 2,272sqm freehold corner site at 28 Rimu Street, New Lynn, offers a rare opportunity to add value and land bank in one of Auckland's key growth locations.
Currently leased to Grace Christian Community Preschool Ltd, the property provides a passive holding income of $112,636 + GST + OPEX, with potential to significantly improve the rental terms at the next rent review. Add-value investors will recognise the potential in the existing improvements and residential mixed housing urban zoning, with the property currently arranged to accommodate both a childcare facility and a church - offering an excellent opportunity for refurbishment.
New Lynn has experienced significant growth and regeneration in recent years, with multiple new housing developments either completed or nearing completion. This has helped solidify its status as one of Auckland's busiest town centres and a key gateway to the western suburbs. The property is also conveniently located near major arterials like Great North Road, transport hubs, and the New Lynn Mall, providing easy access to a wide range of amenities.
The property is offered for sale by way of Expressions of Interest closing 4pm Wednesday 18th December 2024 (unless sold prior). Contact the Sole Agents for further information or to schedule a viewing!
Features:
* Add-value investment with significant rental uplift
* Passive holding income of $112,632 p.a GST + OPEX
* Large 2,272sqm flat section
* High profile corner site with dual access points
* Land bank in one of Auckland's key growth locations
* Zoned Residential - Mixed Housing Urban
* 2 x freehold titles