Located on the corner of Valley Road & McDowell Street, Mount Maunganui, only a short 300m stroll to the very popular Omanu beach. This property which was originally a 7 unit family motel with attached owners house is sitting on a very unique and valuable residential corner site of 1,561m². It is currently fully managed and is leased out to long term residential tenants which creates a substantial rental income.
The zoned opportunities with this property are quite broad and will appeal to a multitude of potential buyers, investors looking at steady rental income or developers of medium to high-density residential housing in this prime beachside location.
- Strategic 1,561m² site residential zone
- Estimated $191,000 pa rental income
- Ample onsite carparks
- Corner profile – 2 street frontages
- Prime Mount location - 300m to beach
- Great future development for residential
- 7 one bedroom units plus a three bedroom residence fully leased
*Boundary lines are indicative only.
The first option will be to continue renting out each unit on a long term basis to enjoy the estimated $191,000 pa gross rental and look for further capital appreciation in this large site or development over time.
The second potential option for the new owner would redevelop the site in 7 to 10 high quality residential terraced or standalone houses while utilizing the great rental income during the planning and applying for consents before construction starts.
DEADLINE PRIVATE TREATY 29TH SEP 2021 4:00PM (UNLESS SOLD PRIOR)