Rhodes Street, Newtown, Wellington

Renovation, land banking, subdivision or a multi-unit development - the potential here seems endless.  Building sites are at a premium in Newtown and this block has two street frontages, making it a prime site for subdivision or a more intensive unit-titled development.

Think about the possibilities.  You could renovate the existing house at the front of the block and build a second home at the rear.  A few neighbouring blocks have either done this or are currently doing so.  Alternatively, you could remove the existing home, subdivide, and have two different addresses on separate streets.  If you're not ready yet you can buy now, live in the existing house and get all your ducks in a row with the council and builders.

The neighbouring property on the site's western side is a small block of units.  With the dual street frontage on this site, it should be easy to create a group of townhouses or a small block of units.

The house has been divided into 2 two-bedroom flats. The front flat is larger than the rear and in better condition.  Both flats have skylights to brighten their central rooms.  If you have children at university they could flat here with friends and you could go on to sell or develop later.  The proximity to shops, university, hospital, transport and the vibrant life of Newtown is what it's all about.

The property has a double garage as well as two large sheds.  There is also room to park multiple cars off-street in the backyard.  The existing house has been split into two flats, though both would need some work before renting out.  The property in general is in a somewhat original and deteriorated condition.  It is unclear if renovations/conversions done many years ago are consented so the property is being sold "as is, where is."  

If you're looking for a location that offers potential for value-add you can't go past this property.