1-4/36 Whitmore Street, Edgeware, Christchurch

Instant equity

For Sale - Price by Negotiation

With a registered valuation at $880,000 and vendors keen to see it sold so they can move onto more projects, it has to be good buying with instant equity. The work has been done to this block of four individually titled one-bedroom flats. The vendor, with great foresight, has secured a 2-year lease till December 2020 with a national housing provider. Currently returning $295 per week for each unit, totaling $1,180 per week, allowing for a solid return over 7%. The lease has two rights of renewal giving you potentially four years of continuous income.

Each one bedroom unit has been refurbished with all earthquake works completed and landscaping done to bring it to the required high standard, for the lease to be put in place. It is compliant with all current insulation requirements and heating to each unit is provided with a new heat pump.

The block of flats is located on the edge of the inner city within easy walking distance to the main centre and will enjoy the rewards our newly developing inner city has to offer.

The 777sqm section is easy care with newly landscaped courtyards, a recently sealed driveway plus car-parking areas. The land is zoned 'Residential Medium Density' which is always a good zone for future land banking.

Facts and figures

- Four x one bedroom flats
- EQC works completed
- Fully insured
- Compliant with insulation and heating requirements
- Fully landscaped with new drive
- Leased for two years until December 2020 + 1 + 1 rights of renewal
- Valued at $220,000 per unit = Totalling $880,000
- Income $1,180 per week

With an opportunity to purchase a block of flats with a 7% plus return, on the edge of an up and coming inner city, why would you look anywhere else?

Please contact Angela Webb or Kate Mullins for more information or to arrange a viewing.

To download the information pack copy and paste the below link into a new browser: http://propertyinvestmentchristchurch.co.nz/559280