1-5/42 King Street, Sydenham, Christchurch

Income, investment and opportunity

Auction (unless sold prior)
From 2pm, 24 Aug 2023
3 Deans Avenue, Christchurch

Presenting a lucrative investment opportunity, for an astute investor to acquire a strategic property holding of a multi-tenanted dwelling, with the benefit of favourable Residential Medium Density zoned land on the city fringe.

Comprised of five two-bedroom units, all of which are tenanted with some long term occupants having resided here for up to an impressive 27 years. This multi-tenanted dwelling currently generates a return of $87,620 per annum.

Built in the 1970s, this dwelling exemplifies a remarkable investment opportunity. Each unit offers two double bedrooms with ample natural light and built in storage, a north-facing living area with a heat pump, while a well-appointed kitchen and a combined bathroom and laundry space cater to the resident's needs. Every unit has a single car garage, and some enjoy their own private courtyard with a communal green space.

Several units have undergone upgrades following EQC repairs, with updated kitchens, floor coverings and bathroom vanity's. Additionally, Flat 2 benefits from retrofitted double glazing.

Savvy investors will appreciate the untapped potential this property presents, with the opportunity to add value and significantly maximise rental returns through a strategic renovation of the units.

Situated on 1,012sqm section of freehold, RMD zoned land, you can rest assured of the long-term stability and value underpinning the land. While this makes it an ideal portfolio addition, development or land bank opportunity.

Located in the city fringe suburb of Sydenham, a location admired for its proximity to the central city. Residents can take advantage of nearby amenities making it an appealing option for prospective tenants.

This opportunity presents itself for investors to reap the rewards of immediate cash flow, while securing a prosperous addition to their property portfolio.

More info: https://www.propertyfiles.co.nz/property/5521635