347 Worcester Street, Linwood, Christchurch

Investment block

Price by Negotiation

An exciting investment opportunity on the city fringe, this property has been used as a motel for over thirty years. It provides a three-bedroom dwelling and nine units. Eight are studio units, with a two-bedroom unit. This place has potential to provide excellent cash flow for future owners for many years to come.

The potential rental return, if leased out on longer-term leases, is estimated at $154,000pa with potential long-term rents at $400pw for the three-bedroom, $280pw for studio units and $340pw for the two-bedroom unit. Current room rates as a motel range from $99 to $258 per night with an on-site manager living in the three-bedroom manager's house. (Subject to CCC approval)

- Over 1,000sqm situated on RMD Land
- Ability to be used as a residential investment block or a motel business (subject to CCC approval)
- Room to add value

Total floor area of 445sqm and a land area of 1,011sqm of Medium Density zoned land, with TC2 zoning. The interior, although tidy presents the opportunity to add value through modernising the kitchen and bathroom areas. The current vendors have been working through the property and some units have already been updated.

Positioned on the northern side of Worcester Street, in a preferred area of Linwood with some character housing surrounding and generally properties having a tidy standard of presentation. Walking distance to retail outlets on Stanmore Road and the CBD.

Option to buy and leave the on-site manager in place to continue running the motel which has a solid customer base or switch it over to longer-term tenants and get consistency of income.