"Local restaurants, boutique retail shops and the Devonport ferry are within easy walking or cycling distance."
He says zoning under the Unitary Plan favours development in the area. It falls under Business-Neighbourhood Centre Zone, allowing for buildings of up to three storeys.
"It is anticipated that the 13m height limit would be taken from Vauxhall Rd, so as the property's contour slopes to a lower level at the rear of the site, there is potential for additional lower levels," Lane says.
Permitted uses include commercial services, office and retail, food and beverage and integrated residential development.
The property was built in the late 1960s for use as a service station. General construction is concrete foundations, reinforced concrete block walls, timber joinery and long-run galvanised iron roofing with a decramastic facade.
Now tenanted by Tainui Motors, the lease runs until September 29, 2020, generating rental income of per annum of $37,858 per annum net with the tenant paying all outgoings,
"This can be a modest holding income while consents are granted," Lane says.
Tainui Motors is a longstanding business specialising in service and repairs, warrants of fitness and tyres. It includes a total lettable area of about 211.20sq m encompassing showroom, office and amenities (50.21sq m), workshops (147.31sq m) and mezzanine lunchroom (13.68sq m).
When the current lease expires, there are no rights of renewal.
"For location and development opportunity, few properties like this one remain in Devonport/Cheltenham, while both lease and zoning would work in a potential developer's favour."
