11 Tennyson Street, Sydenham, Christchurch

Mixed multi-income

SOLD

Sitting behind Beckenham Central is a landholding often desired and rarely on offer. Four, two-bedroom units that have been well maintained throughout their lifetime. With three tenanted and the fourth vacant; the remaining tenants have resided for a combined 46 years.

The first building is a 1920s house that was split into two flats in the 1960s. Two bedrooms in each flat are self-contained, each with a living, kitchen and bathroom. One of these flats also boasts a sunroom and multiple living options. Both flats have been upgraded over the years and the ground floor has a very long term tenant in place. The house had its spouting replaced and was reroofed in 2000s, while the plumbing and wiring were mostly replaced when the house was converted. Releveling has been completed where required.

The rear of the property is purpose-built with two, two-bedroom units two stories each. Built in the 1960s these flats have been well maintained and are in good condition. There are four carports on-site as well as plenty of off-street parking. All EQC repairs were completed by Fletchers and is currently fully insured.

The 710sqm (more or less) of land is zoned for redevelopment with townhouses being built next door and positioned on Residential Suburban Density Transition, TC2 land giving you the option to either land bank for the future or get started with the council process while enjoying the income this multi-unit investment provides.

The owners have had long term tenants with one tenant who has been in place since they purchased in 1996, all tenancies are periodic with the following rents in place:

Flat 1 - Vacant was $280pw previously
Flat 2 - $320pw from 11 July
Flat 3 - $320pw from 11 July
Flat 4 - $325pw from 11 July