For sale by expressions of interest closing 2:00pm, Wednesday 3 June 2026 (unless sold prior).
Positioned adjacent to Ellerslie train station and within 150 metres of Ellerslie town centre, 19 and 21 Kalmia Street represent a compelling opportunity to secure passive, low-maintenance ground lease income in one of Auckland's most strategically connected growth corridors.
Comprising approximately 794m² across two Freehold titles, the properties are offered as the lessor's interest in two long-term, perpetually renewable ground leases, generating $65,650 and $65,910, totalling $131,560 + GST per annum. Both leases are structured with five-yearly rent reviews fixed at 6.5% of Freehold land value, ensuring the income stream keeps pace with underlying land appreciation over time. As Lessor's interests, investors carry no responsibility for building maintenance or capital expenditure, delivering a genuinely hands-off income profile.
The sites are zoned Business – Mixed Use under the Auckland Unitary Plan, with a current height limit of 18 metres. Under the proposed Plan Change 120, this increases to 34.5 metres, nearly doubling the vertical development capacity within this walkable catchment of Ellerslie station. This possible intensification, combined with the proximity to significant residential growth, including approximately 700 new dwellings nearby, materially enhances the long-term land value proposition.
The properties are available for sale individually or in combination, suiting buyers focused on reliable passive income and rental growth, as well as those with a longer view toward future high-density intensification.
KEY FEATURES:
• Combined 794m² landholding across two Freehold titles (404m² and 390m²)
• Lessor's interest in two perpetually renewable 20-year ground leases
• Combined net income of $131,560 + GST per annum
• No building maintenance or capital expenditure obligations
• Five-yearly rent reviews fixed at 6.5% of Freehold land value, next due 1 November 2030
• Business – Mixed Use zoning with proposed height increase to 34.5m under PC120
• Adjacent to Ellerslie train station with easy access to SH1 and Auckland CBD
• Available individually or in combination
See this listing on Barfoot & Thompson
