7J/242 Taranaki Street, Mt Cook, Wellington

Hands off Investment - Easy Money!

Looking for a great investment where your money grows quicker than the banks? A 5 bedroom 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.

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

Viewings by appointment only