Riccarton
49 Matipo Street, Riccarton, Christchurch
+32
Immediate Income & Future Upside
Enquiries Over $2,800,000
Private viewing by appointment - please contact the agents.
Highly sought-after and exceptionally well positioned, this substantial investment represents an outstanding opportunity to secure a high-performing asset with both strong immediate income and future development potential.
Situated on a 759sqm (more or less) freehold site and zoned High Density Residential, the property comprises three established dwellings with a combined 19 bedrooms, providing an impressive $3,895 per week in rental income - due to increase again in the 2027 student year. All three properties are fully tenanted on fixed-term agreements until late 2026, providing income certainty from day one.
• 19 bedrooms across three dwellings
• $3,895 per week in current rental income
• Fixed-term tenancies in place until late 2026
• Rental income increases being secured
• Proximity to the University of Canterbury
• 759sqm (more or less) of High Density Residential zoned land
• Excellent off-street parking
• Planning report available for two additional student accommodation dwellings, subject to necessary consents
• Genuine motivation to have this property sold
The real attraction lies in the combination of cash flow and land value.
A planning report has been prepared outlining the potential to remove the existing front villa and develop two additional student accommodation dwellings. With recent planning changes, there may now be scope to pursue three new builds instead, subject to Council consent.
Either retain the existing properties and maximise rental returns, or, progressively add accommodation to increase income. Importantly, the property provides strong income while you consider those options, meaning the development potential does not come at the expense of an immediate holding strategy.
This is not simply a property with a strong rental return - it is a substantial landholding, three-income earning assets with future development opportunity in one of Christchurch's most established rental locations.
*Red boundary lines in photos are indicative only
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Grace Bruere
Whalan and Partners Ltd, Bayleys,
Licensed under the REA Act 2008
Angela Webb
Whalan and Partners Ltd, Bayleys,
Licensed under the REA Act 2008
Features
Location
Located within walking distance of the University of Canterbury, this property boasts strong appeal among student tenants, ensuring consistent occupancy and reliable income
Zoning
759sqm (more or less) of High Density Residential zoned land lends itself well to land banking and future development options
Parking
Generous off street car parking available, a sought after feature in a high density area
Income
With three, fixed term tenancies in place, totalling $3,895 per week, and rents due to increase, this property is generating income from day one
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