Listing Number:  749
Posting Date:  12 February 2008

Price:$205000 incl assignment fee
Site Area:829 m2
Address: Login
Building Area: 
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We have one large corner site available in the exclusive Sponge Bay Estate Subdivision.

This subdivision sold out within 48 hours of being brought to market and many locals were disappointed they were unable to be part of the subdivision at this early stage.

A fantastic opportunity to build your coastal dream home, onsell for profit, spec build or build a rental for your portfolio. Secure your site now with a deposit before prices increase significantly closer to title.

Its only a short stroll to Sponge Bay beach and the city centre is only 3kms away.

There are many possibilities with this premium section:

1. SPEC Build Great opportunity here with properties in this subdivision estimated to be sold for up to $700k.

2. Onsell Sections at Wainui Beach are currently selling for around $350k . So buying this will allow you to onsell for a nice easy profit.

3. Rental The rental demand is strong in this area with rents estimated up to $450pw. Report available on request.

4. Build your dream home! What better place to settle down than by the beach.

Sponge Bay Estate will feature kerb and channel roading, feature and security lighting, ample parking and walkways and substantial new and existing tree planting. A Sponge Bay Estate promotional brochure is attached.

The 24% increase in values in Gisborne over the last year compares with the national average of 13% while median values over the last five years have escalated by 131% compared with 81% nationally. The coastal Wainui area has seen prices rise by over 45% over the last two years. A market report is availble on request.

Works have commenced and title is expected in mid 2008.

Price: $200,000

Deposit: $20,000 remainder due on title in mid 2008