Owner planning to sell Auckland property for a whopping $10m
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An owner of several adjacent properties in Mt Albert in the city of Auckland is aiming to sell the property for around 10 million New Zealand Dollars.
Dorothy Weymouth has been smart about her property investment as she continued to buy five adjacent properties in the area during the previous four decades. The 72-year-oldpensioner is now expected to make a fortune by selling the large piece of land joined together formed by five properties.
She started buying five adjacent properties in 1970 and now has a very high valued asset in the city. Her 7500 square metre site in Mt Albert has an added Council Valuation of $6.585 million. However, she is planning to sell the property pooled together as a large land block for a much higher amount. She said that she is expecting the land to be priced in the "two figure millions".
The five separate neighbouring properties between Carrington Road and Benfield Avenue will soon be reclassified into a Mixed Housing Urban zoning under the government’s change in zoning under the Proposed Unitary Plan/. These changes will allow more intensive development of the sites and is expected to help the owner put a higher price of property.
Bayleys Real Estate salesperson Jock Kooger said when pooled together, the site's value increased dramatically.
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