"Braeburn Apartments, formally the Braeburn Hotel." This iconic, waterfront, historic property stands proud on an elevated site above the Whanganui River. Positioned to capture the views across the river and out to sea, the three storey Tudor style apartment complex, consists of 20 quality apartments, making an ideal and easy to run investment portfolio.

With the large entrance foyer, wide timber staircases, decorative ceilings, half panelled walls and open wooden verandahs built to resemble the decking of a ship, Braeburn Apartments is a sought after accommodation complex. Recently refurbished, tenants have occupied this beautiful landmark property for an average tenure of seven years.

This waterfront property is walking distance to all local amenities, lovely cafes and restaurants nearby, making it an extremely enjoyable place to live and work from.

• Annual net income circa $150,000 with potential for substantial rental growth

• 20 apartments - eight x two bedroom, nine x one bedroom and three x bedsits

• Long-term tenants in place - average term seven years

• Land Area - 2,508 sqm (more or less)

• Braeburn Motor Garage comprising of eight car garaging and 12 onsite carparks

The vendors are retiring and are genuine sellers.