Prime Block In Fantastic Location
A rare opportunity to purchase a large residential block of flats in such a fantastic location. Block of six flats, consisting of three blocks of two bedrooms units, one up and one down, with two lots of three carports in between each block, all situated on one freehold title. Located in a quiet cul-de-sac, just of Lincoln Road, walking distance to local shops, bars, restaurants and Hagley Park, Christchurch Hospital and the Central City.
Construction is concrete block downstairs, and light weight cladding upstairs, iron roof with aluminium joinery. Most of the exterior wall's downstairs have been battened, insulated and gibbed. These units are in tidy condition, with most being upgraded with modern kitchens and bathrooms. Each unit has a galley style kitchen, spacious living and dining area with heat pump. Good size double bedrooms with built in wardrobes. Bathrooms, with separate showers, vanity, and laundry facilities. Separate toilets.
• 6 x 2 bedrooms flats (3 x blocks of 2)
• 655m2 of RMD, TC2 land
• Aluminium single glazed windows
• Good holding income
• Each unit has a single carport.
• Great Land bank for future redevelopment.
Good holding income of $1,995.00 per week = $103,740.00 per annum, with potential to increase rental return, some long-term tenants in place. Area average market rental for Addington, 2 bedroom apartment is upper quartile $400 per week, median quartile $388 per week and lower quartile $355 per week, as of 1st Dec 2020 - 31st May 2021 sourced from Tenancy Services.
Don't delay your opportunity to secure this block, as they don't often come up for sale in this prime location. Any investor would be happy to add this property to their portfolio.