184 Gracefield Road

Investment plus land

Calling all investors or land bankers.
Here is your opportunity to secure a 7-bedroom 1960's double-storey property situated on an extremely large site.
Opportunities like this are very rare indeed.

The property is subject to a lease dated 27 April 2022 which included rights of renewal and a final expiry date of 30 April 2031.The initial term ended on 30 April 2025, and the lease is current and held over. An application for renewal by the tenant has been made and refused by the vendor. An application for relief against the vendor's refusal to renew, under s261 of the Property Law Act 2007, has been made and it has been agreed that the application will be determined by arbitration if agreement is not reached prior. The property is sold subject to this lease. The vendor may be able to agree renewal prior to settlement date if preferred by the purchaser. Accordingly, tenders should state whether they would prefer to take the property subject to the held-over lease and dispute, or subject to a renewed lease.

Purchasers advised to seek professional guidance with regards to GST and the current lease.

Details:
• R.V. $860,000
• L.V. $690,000
• Income $69,948 plus GST per annum
• Rates $11,193.99 p.a.
• Floor area 270sqm
• Land area 1368sqm

(Viewing by appointment only-very strict viewing times)

To be SOLD by TENDER closing 01 April 2026
1/77 Thorndon Quay,
Wellington.

Contact Everard Aspell on 0274 445 248 for more information.