Here is an interesting proposition. A development opportunity on a crossleased property.
Short story long
What we have here is a site that has already been partially developed and crossleased. It currently has two dwellings on it utilising around a third of the available land. Whats on offer as 3/1 is a 2/3 share in a 2909 sq mtr site.
The Title and Memorandum of Lease acknowledge the potential for future development of the unused land and provides the right of the owner of 3/1 to build, without any further permissions required from your neighbours at Flats 1 & 2, for up to four new dwellings on the remaining land. And, as the zoning for the site is Urban you have some reasonably flexible options at your disposal.
Another bonus is as the owner of Lot 3/1 you have the right to the existing services, so no tapping on the shoulder of neighbours asking and possibly paying for access to underground services they are all right there for you, at your disposal should you want them.
When you think Crosslease you normally think aggravation. Not here though, quite the reverse in fact, this is a development site on a plate.
Close to shops, public transport, parks and schools this is a location perfectly suited for development.
This is a mortgagee sale being sold by auction in our auction rooms at Harcourts Takapuna on August 13th. Check out the times advertised when I will be on site, should you want to come along and have a closer look
