1-4/123 Penrose Road, Mt Wellington, Auckland

Block of flats on corner site - 4 freehold titles

• Large freehold 745sqm site in a desirable corner location
• Four 1960s style flats each on their own freehold title - to be sold together
• Fully leased investment returning $63,960pa
• Favorable residential mixed housing suburban zone
• Prime opportunity for developers and add value investors

123 Penrose Road comprises a well located corner site with four freehold one bedroom flats each with on-site car parking. The units are set over two levels and enjoy good natural light and an elevated outlook.

Located on the border of key employment centres Mt Wellington and Penrose, within 1km of the motorway and with Sylvia Park just around the corner, this site provides fantastic local amenity. The property is fully-leased returning a rental of $63,960pa. The four units are currently under rented which provides a good opportunity to increase the annual rental. It has always been well tenanted - one unit has been occupied for almost 20 years! Favourable residential Mixed Housing Suburban zoning allows for future development. Enjoy the holding income now and develop in the future. All viewings are strictly by appointment. Call now for a full information pack.