53 Parkstone Avenue, Ilam, Christchurch

Student investment

Sold under the hammer.

This six-bedroom student rental is perfectly positioned in the quiet neighbourhood of Ilam ready for its new owners to reap the benefits of large residential investment income.

Split over two levels the ground floor has a large kitchen to accommodate the six tenants with ample bench space. As well as an oversized living room that the tenants enjoy. The three bottom floor double bedrooms are serviced by a full bathroom with a shower, toilet and vanity. Upstairs, there is another full bathroom to service the three upstairs double bedrooms. All bedrooms have built-in wardrobes. Both bathrooms have extractor fans in place and there is also a heat pump in the living room.

Currently fully tenanted on one tenancy at $900 per week and is fixed until the end of January 2022.

Built-in the 1970s this 209sqm dwelling sits on 622sqm of TC1 Suburban land. The property is currently fully insured, with $752.25 to be transferred for cosmetic repairs on settlement. The previous owner used the garage as a movie theatre, hobby room and workshop. It has more recently been renovated to become a three-room space. The current owner only rents the rooms within the house and the additional rooms are used as study or hobby rooms.

- Six bedrooms
- Two bathrooms
- $900 per week return
- 622sqm of TC1 Suburban Land
- Fully repaired and insured
- Handy to Bush Inn, Canterbury College of Education and Avonhead Mall
- 209sqm house

Covered outdoor space means the tenants have an outdoor area to use all year round. Three off-street parks are handy for the current young professional students. The rear section is planted and private for the tenants to enjoy.

The vendors are looking to pass this investment onto the next lucky owners to reap the rewards from its cash flow property.