13 RENTAL APARTMENTS, ZONED MIXED USE & GRAMMAR ZONE
12-14 Nikau Street, 606m² of Freehold land, is zoned as Mixed Use with a broad frontage to Nikau Street. The elevated site, within Auckland Grammar School zone, enjoys a commanding view to the south and west, making it suitable for a five-six storey residential apartment development (subject to Council approval), as is the case with similar developmental sites nearby.
The circa 583m² building constructed of concrete and steel was completed in the 1980s. The lower level has vehicle access with 14 car parks and a warehouse storage space. The main building, with its 13 residential apartments (11 apartments for two bedrooms plus two apartments for a one bedroom studio) and triple garages, generates a rental income of over $6,000 per week.
Located in the ever-popular suburb of Eden Terrace, the building is a stone's throw away from the newly developed Mount Eden Station which is part of the new City Rail Link network, earmarked to be completed by 2024. The completion of the CRL will be a game changer for this property, making it easily accessible to the entire Auckland CBD area and beyond.
Grab this once in a lifetime opportunity to invest in the future of Auckland downtown living.