Sold - Wainuiomata Lower Hutt
The vendors own both 77 and 79 Fraser Street. They have recently been granted Resource consent to subdivide both properties adding two townhouses to the back of each with driveway access between the two existing homes.
This could be a soft start on the property development ladder as much of the leg work has already been completed. Titles have not been issued but designs have been approved by Council.
Building and then selling these new townhouses may enable you to keep the front properties, land banking them for future development.
Or sell off the front houses and keep the new homes as rentals that will immediately comply with Healthy Homes Standards and provide interest deductibility, for tax purposes, for twenty years.
But wait there’s more….
Each site measures 809m2 and with a combined total of 1618m2 this would then fall under the Hutt City Councils District Plan as “Comprehensive Residential Development”.
I have seen a few developments pop up in the Hutt Valley in recent times where sites of this combined size have seen around 15 townhouses built, so there’s plenty of potential.
It is recommended that all interested parties seek legal, technical and tax advice, prior to submitting a tender, to ensure this is fit for your intended purposes.
Both properties are currently tenanted and also comply with Healthy Homes Standards.