Ghost section generates no $ for 16 years

In 2006, David Glen Leaseholder Assoc chair said, a house had on this site and been leased to an elderly woman, but the house had been falling into disrepair.

At that time, Glen said, the trust board purchased the leasehold interest of $125,000 for the 1029m² property and demolished the house.They offered the land up to people with a $65,000 per annum rental, which they considered to be market rent at the time,” he said.

“But with no house, the land value equated to $1.3m and there was no interest from anyone to pay $65,000 lease a year.”

Glen said the board decided to relist the piece of land with a reduced rental of $45,000 per year, but it still failed to attract any occupiers.

For the past 16 years, the board has had to pay to keep the lot maintained.

There is the story of why Cornwall Park leasehold land is uneconomic to lease!

read more in this story by Melanie Earley.

https://www.stuff.co.nz/life-style/homed/real-estate/128621771/lot-sits-vacant-for-16-years-in-one-of-aucklands-wealthiest-suburbs