128 London Street, City Centre Dunedin, Dunedin City, Otago 9016

Sold

Multi-dwelling investment - 6.6% return

The property consists of 11 flats across two buildings. Mainly one and two bedrooms units, these are perfect for discerning workers or students alike.

The front building is of 1900's construction and consists of five flats. Partial renovations have occurred with upgraded kitchens and bathrooms in some of the units, and further upgrades within this building can add further value.

The rear building was built in the 1970's and contains six units in total, including one larger five-bedroom dwelling with amazing views and catering more for a student group. This building has been maintained externally, but a dated interior makes it ripe for improvements which can grow rent and capital value for a new owner.

The rent role totals $3,835 per week with mainly fixed tenancies in place, returning approximately 6.6% against the asking price. Some of the flats could naturally increase in rent next year, while most meet the market rent level for their quality. Basic renovations could improve rents further to most of the dwellings lifting the return on the property even further.

The central location is ideal for tenanted property and perfect for supplying the pending demand of accommodation to the professionals and workers in the coming years with the new hospital build about to start. Larger property holdings like this have not come to market often, so enquire now for further information.

A full Colliers Information Memorandum and additional property documentation are available on request.

Viewings are by private appointment only with our Broker.