The investment option packaged here contains three elements; a tenanted one-bedroom apartment with an uncovered car park, three single garages and development land with potential for five additional dwellings (consent required).
The property offers holding income of $455 per week and the apartment is the primary unit title for this package. The development land and garages are all currently accessory titles attached to this primary title, hence they must be sold as one package. Once a new owner develops the new units, separate titles could then be applied.
The existing tenanted apartment is double glazed with underfloor heating and heat pump. It is fully furnished and complete with upmarket kitchen and bathroom fittings, including a tiled shower. These units are above average for rental offerings in the one-bedroom space and have made for successful investments. It is currently tenanted until 31 December 2021 at $385 per week, and two of the garages are rented at $35 per week each.
The development land would be best suited for either one-bedroom or two-bedroom units, with potentially up to five units being able to be developed. Investigations by a new owner would have to be undertaken here to confirm what is possible as a prior consented development has been surrendered, and a new consent would need to be applied for.
A full Colliers Information Memorandum and additional property documentation is available on request.
Viewings are by private appointment only with our Broker.
Location30/61 North Road, North East Valley, Dunedin City, Otago 9011
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