The vendor had planned to develop an Indian Community Centre on the site with a private school, cultural academy, yoga and meditation classes. However, the owner is selling to realise other business interests.
"Such a large aggregation of developable land with five separate titles and adjacent to a large 6ha reserve is a rarity and we expect it to attract great interest," says Davies.
Seavill says that, in addition to vacant land, there are a variety of buildings on-site including offices and prefabricated classrooms with tenants contributing about $240,000 a year in holding income.
dAn early childhood education centre, which operates on the periphery of the site, pays $90,000 in annual rental on a six-year lease dating from June 2010.
A respite care organisation also contributes around $150,000 a year in rent. "No lease agreement has been entered into with this tenant, so as to avoid complicating the site's potential future redevelopment," Seavill says.
"The holding income is a real plus for a buyer who might want to redevelop the site in future but needs to purchase the property now."
Bukem Place is located between the major arterial routes of Favona Rd to the north and Massey Rd to the south and can easily be accessed from Robertson Rd linking the two roads. The property can also be accessed from Freda Place to the north and Otago Place from the east.
"The southwestern motorway [SH20] is a few minutes' drive to the west and the property is approached through a modern suburban residential area which is of a high standard," says Davies.
