Situated on a corner section close to Feilding High School and North Street School. This property has been partly renovated and is awaiting the final touches. For investors, the "problem", and therefore opportunity, is that the vendor has undertaken alterations without consulting council and any required consents still need to be applied for. There are a couple of ways the buyer could go about this.
First, let's look at the property. The open-plan living, dining, and kitchen area has been transformed into an inviting space for all the family. The bedrooms are generously sized with an ensuite off the master bedroom.
There is a combined family bathroom and laundry. Not much has been spared throughout the renovation, with new wall linings, paint, carpet, bathroom, ensuite, and kitchen (to be completed). There is also infinity gas hot water. Outside is a single garage and good-sized section. Once completed the property will offer a low maintenance investment.
A recent rental appraisal shows a rental return of $520 ~ $540 pw.
I have discussed a couple of scenarios with the vendor. First, if you are looking to run the project or do the work yourself, the option would be to buy as-is-where-us and complete the consent and renovation yourself. The vendor is open to buyers doing their own sums and making an offer accordingly should this work for you.
The other option is to let the vendor undertake the work, settlement will be conditional upon council approval. Under this scenario, the vendor has an asking price of $495,000 (completed and consented).
Once the renovation has been completed and council approval received we estimate the market value could be up to $550,000.
Properties in Feilding are in high demand, with its cafe culture and welcoming community its no wonder. Feilding has been voted New Zealand's most beautiful town no less than 16 times! The town looks set to continue to benefit from the increased infrastructure spend including the new gorge road and KiwiRail hub. Located in the heart of the Manawatu and only a 15-minute drive to Palmerston North.