Rārangi Hou
Situated at 68 Portage Road, Papatoetoe, this property comprises a 688sqm freehold land parcel zoned Business – Neighbourhood Centre. It features an 80sqm retail space currently leased to The Lamb Indian Cuisine restaurant on 5-year term ending 30 April 2029. Generating a net annual return of $75,000 plus GST + Opex. The lease includes built-in annual rental growth, ensuring a stable and increasing income stream.
The rear section offers a development opportunity with a partially completed dwelling with consents in place. Earthworks and foundations have been completed, allowing an incoming developer to finish the project and potentially establish a build-to-rent investment portfolio.
The property's proximity to local parks, schools, public transportation, and various amenities enhances its appeal as a solid investment.
The property is scheduled for auction at 11 am on 2 April 2025.
Contact the sole agents today for more information or to arrange a viewing.
Features:
* Retail Premises on Main Arterial Location
* Foundations Laid, development ready to be completed at rear
* Stable Income of $75,000 per Annum with, in built Growth
* Business – Neighbourhood Centre Zoning