204 The Parade, Island Bay, Wellington

Rare Investment in Island Bay

The property is offered to the market for the first time after nearly 25 years. This is your chance to secure a mixed-use split-risk investment with total of eight tenancies. The property is located on the western side of The Parade, Island Bays' main principal route linking the Bay with the city. The Parade is also on the main bus route to the city.

The property is located right next to the popular Empire cinema and eatery and other various businesses in the area nearby with New World Supermarket less than five minutes walk. Island Bay is very attractive, desirable and busy suburb, the population is approximately 8,523 with 3,249 houses. There are two primary schools and a medical centre nearby.

Built circa 1928, the property comprises external brick walls and concrete floors, the north and east walls have a clad of weatherboard. The roof is supported by a timber structure and clad in corrugated steel. The property comprises eight mixed commercial and residential tenancies. Two of which are commercial retail and six are residential.

The property currently generates $128,563.00 per annum gross income with potential to increase the income to $220,000 gross.

The method of sale and sale date is subject to change, please contact the listing agent for more information.

To obtain copies of all supplementary documents please register your details at:
https://www.propertyfiles.co.nz/property/204theparade

• Well established tenants
• Great commercial and residential mix
• Gold location, flexible zoning
• Multiple tenants with potential to increase income

Contact Baha 021 547717 for further information or to arrange an inspection.

** Inspection by appointment only.