Rare Development Opportunity with Holding Income
NAI Harcourts are delighted to present 171 Harewood Road to the market for sale. Currently home to Harewood Medical Centre, the property presents an attractive proposition of commercial holding income on a large freehold land parcel of 1884 sqm with scope for future re-development. Zoned Residential Suburban and favourably positioned between the popular suburbs of Papanui and Bishopdale, the north facing site is well serviced by local amenity including Northlands Mall, Northlink Shopping Centre, Mitre 10 Mega Papanui and New World Bishopdale all within a few minutes drive. Christchurch Airport, sought after schools and recreation centres are all within a handy few kilometres and further underpin this desirable location.
A bungalow of approximately 170 sqm, built circa 1950's, was converted to its current use as a suburban general medical practice, and consists of medical consulting rooms, reception and amenities. With tenant plans to relocate the medical practice to a newer facility in the future, an exciting opportunity is available now for the savvy investor or developer to consider and create future plans for the property, whilst benefiting from the cashflow of net rental income it is returning.
Investment Highlights:
• 1884 sqm Freehold land parcel (zoned Residential Suburban)
• Passing rental income of $73,493 net per annum
• 170sqm Bungalow converted for Medical Practice use (67% Structural NBS)
• Sought after suburban location fronting busy Harewood Road (19m frontage approx.)
• 11 sealed off-street carparks
Our Vendor is motivated to proceed with their next plans. Opportunities in this location are keenly sought so we encourage you to act quickly and commence your due diligence today.
For Sale by Auction (Unless Sold Prior) on Thursday 26 September at Harcourts Grenadier, 98 Moorhouse Ave, Christchurch.
Contact Sole agents, Dave Calder or Craig Edwards for further information.
Download Property Files: https://www.propertyfiles.co.nz/L30447471