18 Flats, Three Titles

Excellent occupancy, solid concrete block construction, great Eastern Bay of Plenty coastal township location and easily managed are just some of the advantages of this property investment.\n\nLocated in the vibrant coastal township of Whakatane these 18 flats are built in three separate blocks all on their own separate titles, with a combined land area of 2882 square metres. This investment property will appeal to not only locals but to absentee owners as well. The property is low maintenance and with 18 separate tenancies the investor can be confident of a reliable return with less risk of the property being vacant. The current absentee owners have chosen to engage a property manager to take care of day to day management and maintain good occupancy rates without any hassles. Ideally the property will be sold as one lot but consideration will be given to selling the three lots separately. Whilst this property has shown a good return for the owners a change in direction means motivation to secure a sale is a high priority.\n\nFeatures Include:\n\n Three separate titles\n 18 units\n Solid construction\n Well tenanted \n\nLocation:\nThe Whakatane District in the Eastern Bay of Plenty is one of the most diversely beautiful areas in New Zealand. Sandy beaches are predominant along the 54 kilometres of coastline that stretches from Otamarakau in the west to Ohiwa in the east. Central areas include fertile lowlands and farming areas on the Rangitaiki Plains through to Murupara. Te Urewera National Park in the south, which makes 41% of the district, is protected native forest and is home to a rich array of flora and fauna. The total area of the district covers 433,000ha or 4,442km. \nA superb climate has attracted many people to relocate here and buy or set up business in a place where life can be enjoyed. Whakatane records the highest temperature in New Zealand for about 55 days of each year. Average annual sunshine is 2332 hours with an average annual rainfall of 1207mm. \nThe district has a population of approximately 32,814. The largest urban area Whakatane, with a population of around 15,024, is the major service and administrative centre for the Eastern Bay of Plenty. Nearby Ohope has a population of approximately 2,760 with other settlements being approximately Murupara (1,959), Edgecumbe (1,668), Taneatua (753), Matata (666), Waimana (654), Te Teko (630), and remaining rural areas (8,706). \nSteeped in Maori history and culture, the Mataatua canoe originally landed at Whakatane and pa sites from that early settlement are identifiable along the coast. Around 40% of the population is Maori and their culture and language is strong and vibrant with predominant Iwi in the region including Ngati Awa, Tuhoe, and Te Whakatohea.