Investment with upside

49 Matipo Street, Riccarton

Asking Price NZD $1,690,000

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Investment with upside | 49 Matipo Street, Riccarton | 5510295 |      X Close

Investment with upside

For Sale - $1,690,000

Superbly positioned in the ever-popular rental location of Riccarton, this three income stream investment will appeal to investors wanting a buy and hold with the potential to add further value. It will always be a quality addition to any portfolio with the opportunity to subdivide, increase rentals and redevelop.

- Three houses - six bedrooms per house

- Income $2,363 per week

- Over $120,000 per annum

- Back two houses built in late 2000s

- Land area 759sqm - One freehold title

- Further subdivision and development potential

- Heating and insulation completed

- Three fixed term leases in place

Tenants are currently being sourced for the January 2020 to January 2021 year with a rental set at $805, $852, $852 per week, fixed terms for 1 year with the garage continuing at $90 per week. The back house is now signed till 2021 at $852 per week.

Riccarton is a popular area sited to the west of the inner city, located close to the hospital, Canterbury University, College of Education, Westfield Mall and surrounding shopping districts.

The property consists of two purpose-built rentals at the rear and an older house at the front sitting on prime development land. Built approximately 10 years ago, the purpose-built rentals are comprised of six bedrooms each and meet all insulation and heating standards. The current owner has designed this complex to allow for the 1920s house to be removed and a further two investment units to be built in its place.

It's not often you get everything mixed into one property; upsides on current rents, development potential when you're ready - but great holding income while you wait, three income streams and TC2 land in a popular location. Why wouldn't you buy it? The vendors situation has now changed, and with a move away from Christchurch this property must be sold.

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49 Matipo Street, Riccarton

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