49, 49A, 49B Matipo Street, Riccarton, Christchurch

Triple income stream with upside

Auction (unless sold prior)
11am, Thur 25 July 2024
3 Deans Ave, Chch

Ideally situated in the highly sought-after rental area of Riccarton, this three-income stream investment is an attractive proposition for investors seeking a buy-and-hold strategy with potential for added value. This property is a valuable addition to any portfolio, offering opportunities for subdivision, rental increases, and redevelopment planning report available.

- Three houses, each with six bedrooms
- Three 12-month fixed-term tenancies in place until December 4, 2024
- Total income of $3,245 per week, totalling $168,740 per annum
- Middle and rear houses built in the late 2000s; front house constructed in the 1920s
- One freehold title of 756sqm on TC2, Residential Medium Density zoned land
- Potential for further subdivision and development
- Planning report available showing expansion of two further student rentals
- Fully compliant with Healthy Homes standards
- Located near the University of Canterbury, minimizing vacancy periods

Positioned close to the hospital, University of Canterbury, Westfield Mall, and local bars, restaurants, and entertainment, this property appeals to university students and polytechnic students.

The property features two purpose-built rentals from the late 2000s at the rear and an older house from the 1920s at the front, all situated on prime development land. Each house comprises of six bedrooms and meets all healthy homes standards.

The reliable rental income, coupled with the potential for future capital growth, makes this investment an enticing prospect. Additionally, acquiring the property with existing tenants in place guarantees immediate cash flow and a sense of security. The current owners are wanting to see a sold sticker on, or before auction day as they are looking to re-invest the money into the family home.

To download the Property Files, copy and paste the below link into a new browser:
https://www.propertyfiles.co.nz/5524501