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- Self-Contained Flat
- More than 2 living areas
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- Residential
- Commercial
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ID#376778
Mt Cook
Wellington Central
Tender
7
3
Approx
278m²
(≈2,992.36 sq.ft.)
proudly marketed by
STUNNING INVESTMENT - 3 FLATS & SHOP
This awesome property has been in the same family for over 40 years, and once you own it, you will probably want to keep it for the next 40 years too!
In fact, with market rents of over $100,000pa, this is possibly the only investment property you will ever need.
My fastidious vendor has kept this property in great shape and, combined with this sensational city fringe location, this has always ensured a long line of tenants whenever a vacancy comes up.
FLAT 1:
* 3 double bedrooms / large bathroom / separate kitchen
* Very generous living room
* Separate laundry
* Currently rented for $525pw (periodic)
* Market rent appraised at $550-580pw
FLAT 2:
* Newly renovated like a modern apartment
* Currently owner-occupied
* Owner will stay on at market rent of $500pw (appraised at $480-500pw)
FLAT 3:
* 2 double bedrooms
* Open plan kitchen / living
* Currently rented for $360pw until 05 March 2017
* Market rent appraised at $420-450pw
SHOP LEASE:
* $500+GST pw rent
* Lease term 3 years from 01 Aug 2015
* 3 x 3yr rights of renewal (01 Aug 2018, 2021 & 2024)
* Rent reviews on renewal dates
* Final lease expiry 01 Sept 2027
* Tenant pays outgoings
RENTS & OUTGOINGS:
* Gross Rent $1,885pw = $98,020pa
* Appraised up to $2,050pw = $106,600pa
* Residential rates $3,024.92pa
* Commercial Rates $1,988.21pa (lease states paid by tenant)
* Water rates $904pa
* Insurance $4,267.74pa
* Fire extinguisher maintenance $204.13pa
For Sale by TENDER (not selling prior):
* Closes 1:00pm, Thursday 29 Sept 2016
* At Lowe&Co Realty, 8 Kent Tce, Wellington
EQC STATUS: The property complies with the council's earthquake resilience project. 46% NBS. No strengthening required.
RV = $185,000 (Commercial) + $645,000 (Residential) = $830,000.
This property has been the cornerstone of my vendor's portfolio, but a new life beckons on the Kapiti Coast, so now it's your turn to take over.
Come check it out on Sunday, or contact Brent & Adam for further information.
Keywords
Location
- Inner City
Property Type
- Investment
- Character
- Commercial Property
Agents
Adam Cockburn
Lowe & Co Realty
Licensed Real Estate Salesperson (REAA 2008), Member of the REINZ
Hi, my name is Adam.
I love Wellington real estate! I caught the bug after reading a Dolf De Roos book in 1998, and bought my first property in Adam's Terrace, Aro Valley, just before I headed off to London for a number of years. I kept buying property, mainly in London and Auckland, whilst living in the UK, returned back to Wellington in 2005, and have been selling Wellington real estate since 2007. Having started out in sales during the biggest recession since the 1930s, this means that I have had to develop good habits from the start, to make sure I deliver the best service, and achieve the best results, for my clients when they want to sell their Wellington real estate.
I have lived in many different neighbourhoods, including Wadestown, Kelburn, Ngaio, Thorndon, Highbury, Rongotai, Miramar and Seatoun. Wellington is a great city and we should be proud of it. It is vibrant and alive, it is the cultural and coffee capital of the country, it is beautiful whilst also being an easy city to live in, due to it's compact nature.
So if you are looking to buy or sell Wellington real estate, give me a call. I will follow up every lead and turn over every stone, to make sure we achieve the best results possible together.
I look forward to working with you.
read moreBrent Gilbert
Lowe & Co Realty
Licensed Real Estate Salesperson (REAA 2008), Member of the REINZ
This property was photographed by
David Garratt
Wellington Central/North
ID#376778
Mt Cook
Wellington Central
Tender
proudly marketed by