'Mooring-than-meets-they-eye' with waterfront home and income

For residential property buyers or investors, the phrase ‘home and income’ usually refers to a main dwelling, with a minor unit or granny flat attached which can be rented out to generate additional income.

However, one waterfront Auckland home has added a whole new perspective to the phrase ‘home and income’ – literally ‘floating’ the possibility of supplementing income from a deep water boat marina facility at the end of the lawn.

The expansive Panmure home – sitting on some 7500square-metres of land with meticulously manicured gardens, glasshouse with adjoining orchard, and mature trees - overlooks Tamaki River, one of the longest navigable rivers in the country.

Panmure sits midway between the neighbourhood shopping precinct of Ellerslie to the north, and the large mall shopping centre of Sylvia Park to the south.

In addition to its waters-edge frontage, the property has a modern mooring facility capable of holding up to six 12-metre berths, with an all tide mooring depth.

To moor a 12 metre vessel, Half Moon Bay Marina to the south of Panmure charges approximately $6579 annually, while Orakei Marina to the north of Panmure leases out 12 metre vessel anchorages for $9204 per annum.

Sales consultant Marnie Adams from Bayleys Real Estate which is marketing the multi-faceted waterfront Panmure home, said that using these figures, and even adding a discount to market rentals, the marina alone at the bottom of the lawn was capable of generating some $40,000 revenue annually.

“And on top of it all, the property has a more traditional rental property – a one-bedroom dwelling, which under current market conditions would rent for approximately $230 per week – adding another $11,000 or so to potential revenue streams,” Ms Adams said.

“Scores of vessels utilise the deep water access and shelter of the Tamaki River to moor off swinging buoys or pile moorings, but few enjoy access to a privately-owned jetty.”

The property’s main home is a 267square metre residence with three bedrooms and four bathrooms. It has an in-ground swimming pool, large country style kitchen with solid fuel stove, library, and large veranda decking.

“Underpinning the land size is an ability to subdivide in the future, either in low density or up to 20 sections, which would then all have a share of the jetty as part of a gated community. This opportunity is virtually non-existent around the Tamaki River,” Ms Adams said.