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Consent in place for luxury apartments
This motel site is perfectly positioned on Ajax Avenue, two minutes walk from the CBD facing north and overlooking the Matai River.
The motel complex is a 1970's style, however rising land values have probably overrun the motels ability to offer a satisfactory return on capital. The vendors purchased the motel about 3 years ago with a view to developing a 24 apartment complex. They have secured resource consents to proceed, however owing to changed circumstanced within the investor group, the development has not proceeded.
The site comprises 2637m2 and a registered valuation dated mid 2005 places a market value of $3.325m on the property including development consents.
Again sites of this size and quality so close to the CBD and with such an outstanding aspect are rare. In the near vicinity successful quality apartment developments have been completed in recent years, e.g. Cedar Grove Motor Lodge and DeLorenzo's Studio apartments.
This area of the city has established itself as an excellent location for top end tourism accommodation. The vendors are again genuine and motivated to sell around valuation.
Broker's Details
Disclaimer
This listing information is compiled from information supplied by the vendor and other sources. Whilst all care has been taken to ensure accuracy, prospective purchasers should not rely on the contents herein as a statement or representation of fact, but make their own enquiries to satisfy themselves on all aspects.
Prices listed above are plus GST, if any