FROM TWO MAKE FOUR IN OLD HOWICK: 3010SQM ALL YOURS!

Listing Number:  983
Posting Date:  26 April 2008






 
Price:$1.2M
Listing:FROM TWO MAKE FOUR IN OLD HOWICK: 3010SQM ALL YOURS!
Type:House : Subdivision Potential
Category:Purchase Option
Bedrooms:6+
Bathrooms:3+
Region:Auckland
Site Area: 
Address: Login
Building Area:3010 m2
Property Image

Description:

Two adjacent properties in Cockle Bay/Old Howick being sold together, with a whopping total of 3010 square metres! Subdivisible into 4 sections. Heritage 7 zoning allows average 700sqm per dwelling, minimum 500sqm. Feasibility report has shown strong possibility for one additional minor dwelling. In Manukau Water's green zone - no impediments to further development requiring water supply in and wastewater out. The site has already been surveyed.

Currently two old darling houses built in the 50s sitting on the top of the properties. (61 and 63 Evelyn Rd, details below). These could be kept in total or in "footprint", or demolished. Go through with the complete development or sell of the two additional sections after subdivision.
Current owners just asking for the standalone valuation price of the properties; the added value is all yours. Included in the deal are scheme plans for several development options and site plan.
Established area, top schools, handy to the water. Quiet sections on mature street and next to bush reserve. Tuis and native pigeons for company.

Lot 1 ( 61 Evelyn Road ) : Two level 1950's bungalow with 4 bedrooms, 2 bathrooms, 2 kitchens, a separate lounge with open fire, a rumpus, a decking, a sunroom and an internal access double garage. Land area of 1998 m2 and a floor area of 250 m2.

Lot 2 ( 63 Evelyn Road ) : Split level 1950's bungalow with 2 bedrooms, 1 bathroom, 1 separate WC, a separate dining, a separate lounge with open fire and a tandem lockup garage. Land area of 1012 m2 and a floor area of 90 m2.

Development Costs:
Engineers estimate before gst, legal costs and real estate fees $140,000.00. You could probably add another 10% for growth in fees that still hasn't abated. Say $155,000.
Valuations of the properties are 520K and 660K.
Section prices in Old Howick still strong at between 350k - 500k

Option A: Subdivide and sell sections
Costs:
Buy properties: 1200K
Development: 155K
Holding costs (say 1 year): 80K
Revenue:
Rent 900pw: 47k
Sell 61 Evelyn Rd: 500K
Sell 63 Evelyn Rd: 400K
Sell two extra sections: 800K
Profit: 312K

Option B: Subdivide, develop, sell
Suggest building 4 new two level 250sqm dwellings with one minor dwelling, remove current two houses.
Purchase and land development costs:1355K
Construction and holding costs: dependent on strategy
Revenue: 4x750k = 3 million.

Please see attached pictures and documents and contact us for further questions or to arrange viewing.
Terry Barr: 021955150
Mirko Wojnowski: 021647189
e-mail: wjn@gmx.net