Hastings
1018 Plunket Street, Hastings, Hastings
+11
Prime housing asset with $490,688 plus GST lease
• Recently developed 3,581sqm (more or less) site with 15 townhouses
• Currently returning net income of $426,582 plus GST per annum
• Proximity to schools, hospital and other services
Bayleys are delighted to present to market a high standard, long-term housing asset located at 1018 Plunket Street, Hastings.
Returning an income of $490,688.69 plus GST per annum (approximately $426,582 plus GST net) with annual growth, this fully tenanted asset is currently leased as transitional housing to Te Taiwhenua o Heretaunga.
Developed in 2022, this well-located 3,518sqm site in Stortford Lodge comprises 15 townhouses and 16 common vehicle parks. The balance of the site is well landscaped with lawn areas, plantings, outdoor lighting and terraces.
A five-year lease from October 2022 with two further terms of three years, market rent reviews upon renewals, and annual CPI will provide bankable returns and benefit any portfolio.
The recently acquired resource consent for subdivision into separate unit titles also provides opportunities for diversification.
Kerry Geange
Eastern Realty Ltd, Bayleys,
Licensed under the REA Act 2008
Jodie Woodfield
Eastern Realty Ltd, Bayleys,
Licensed under the REA Act 2008
Features
Passing income
Net income of $426,582pa plus GST
Location
Well located in Stortford Lodge, with easy access to Hastings CBD and the Hawke's Bay Expressway, north and south
Add value
Resource consent has been granted for unit title subdivision
Parking
Sixteen (16) allocated carparks on site
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