PRIME PARNELL DEVELOPMENT SITE OR DREAM HOME?

Development sites rarely come along in prime locations such as Parnell. Sites where the hard work has already been done are even rarer.

But 460 Parnell Rd offers a 708m2 (more or less) flat site with wide road frontage, in one of Auckland's most elite suburbs. The existing units have been cleared to make way for an astute buyer who will recognise the value of 'Terrace Housing and Apartment Building' (THAB) zoned land and, at the same time, realise the potential to make a serious capital gain.

The options are plentiful:

• Create a dream home - or two - for high end family buyers
• Explore the potential for an apartment complex of 6 stories, with multi-million dollar views from the upper floors
• Continue with developing the already-consented 5 luxury homes

This third choice carries with it the huge advantage of knowing the plans have been drawn up, the resource consents have been granted, and a significant amount of the ground preparation has been done - all at a substantial cost to the present owners.

The consents are for three terraced homes at the front of the section, each with 3 bedrooms and internal access single garage, two stand-alone homes behind, with 4 bedrooms and double internal access garage.

Each home would be built over three levels, with water views to the West from the top floor, and views over the domain to the East.

But whatever you decide, this location is hard to beat. You're in Double Grammar Zone, with Parnell School, Auckland Grammar and Epsom Girls Grammar all within walking distance. One of the country's premier shopping districts is down the road in Newmarket, and Parnell Rise just 200 metres in the other direction, with its plentiful bars, cafes and restaurants. The city centre's just a few minutes' drive away - maybe even quicker if you catch one of the regular buses that go past the property.

It's not ofte...

See interactive features for this property on barfoot.co.nz. Click the "View their website" link at the bottom of this page.