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Listed 30 days ago

ID#459599

7j/242 Taranaki Street,

Mt Cook

Wellington Central
$439,000
5
1
83
*83 = 893 sq.ft. = 0 sq.ft.
proudly marketed by
Colin Rooney
Bayleys Real Estate - Wellington Residential
Colin
0273210085
Message Me

Hands off Investment – Easy Money!

Looking for a great investment where your money grows quicker than the banks? A 5 bedroom furnished apartment with 1.5 bathrooms is now for sale in Wellington's Massey University student accommodation building known as "The Cube". A great entry level for a new property investor, no work and fair returns.

Being on the 7th floor, and facing north, the apartment gets great sun and views over Wellington Central including the harbour.

Current monthly transactions:

Gross Monthly Rent: $2,965.03
Management Fees: -$108.86
IMF: -$78.75 (apartment insurance cover)
Body Corp: -$656.22
Council Rates: -$124.13

Net Monthly Rent: $1997.07

Massey University manages the tenancy throughout the full calendar year. They determine the income across the whole complex and divide it up each year according to the number of bedrooms for each flat so there is always a regular monthly rental payment spread over the whole year. They manage to keep the occupancy rate above 95% over the whole block. There is a very well run accommodation office with an efficient manager who oversees all supervision, maintenance and upkeep of all the units.

Massey University expires on 31st December 2020. ( Further three year right of renewal period expiring 31st December 2023) This property cannot be occupied until lease expiry.

Priced at $439,000. That's a 8.1% gross yield, 5.5% after all expenses are paid. There is an annual review of market rents and next year the gross income is to be increased. The accommodation block offers lots of communal space, a laundry room, a rumpus room and a common area with a pool table and TV.

Viewings by appointment only. Grab this opportunity now. Call Colin for a private viewing 0273210085.

For more information check out Massey's accommodation websites;
http://www.massey.ac.nz/massey/student-life/accommodation/virtual-tours/wellington.cfm
http://www.massey.ac.nz/massey/student-life/accommodation/wellington/wellington_home.cfm

Some useful YouTube videos showing the culture and vibe at The Cube;
https://www.youtube.com/watch?v=0cAlogNlxzo&t=72s
https://www.youtube.com/watch?v=0cAlogNlxzo&t=72s

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Agent

Colin Rooney

Bayleys Real Estate - Wellington Residential

Licensed Real Estate Salesperson (REA 2008), Member of the REINZ

Colin has a passion for people and relishes the opportunity to demonstrate a high performance attitude to ensure you receive the best customer experience. Colin’s intuitive, perceptive communication style is just one of the tools he uses to achieve his clients’ goals.

Obtaining premium results for his clients and keeping them informed with accurate market knowledge is Colin’s main focus. His former medical background has taught him life skills, sharpening his meticulous organisational and problem solving skills while keeping in sight the best outcome for his clients. It’s this experience that drives him to be the agent who cares, listens, is accountable, and always ready to take on a new challenge. Colin has impeccable negotiation skills and has built trusting relationships with his previous clients and buyers mainly due to the reassurance he naturally delivers.

In Wellington, Colin is involved with a triathlon group, loves supporting local up-and-coming bands. He recently raised over $1,500 dollars for Make-A-Wish NZ, making magical wishes happen for children with terminal illnesses.

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This property was photographed by

David Garratt

Wellington Central/North

Listed 30 days ago

ID#459599

7j/242 Taranaki Street,

Mt Cook

Wellington Central
$439,000
proudly marketed by
Colin Rooney
Bayleys Real Estate - Wellington Residential
Colin
0273210085
Message Me

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