Corner Site Rarity

Description

Currently the house on site is a 3 bedroom, 1 bathroom property built in the 1970's. The section itself is substantial, with a large double garage and plenty of parking space currently utilised by the tenants. The section is positioned on a corner site which provides options for development potential.

The property is currently tenanted for $425pw to long term tenants, however they have been given notice and the property will be sold vacant. The house itself is a bit tired and there is a lot of value-add potential here with minimal work required in order to increase the rent. Some landscaping, minor repairs, painting and cosmetic attention should lift the rental income to over $500pw. We estimate a spend of $5,000 - $10,000 will be adequate.

The real value here is in the land however, with the site area over 800m2, there is potential to build up to 4 units (2 x duplexes) subject to council consent. These duplexes could either be on sold individually for a profit, or held as long term, low maintenance rentals capitalising on the governments latest regulations. I have had indication from a HCC planner that the duplex build should be able to be completed with no issues, however consulting with surveyors and architects as part of the due diligence process is strongly recommended.

This property ticks all the boxes:

✓Renovate to add value

✓Landbank

✓Development potential

Get in touch via email today to discuss this multi faceted investment opportunity.

PROPERTY DETAILS
  • Estate type: Freehold
  • Rental status: $425pw, but will be sold vacant
  • Rental appraisal:$440-$480pw Written rental appraisal available to potential purchasers
  • Floor area: 90m2
  • Land area: 816m2
  • Bedrooms: 3
  • Bathrooms: 1
  • Car parking: 2
  • Rates: $1,875.72
AMENITIES

Nawton Primary, Maeroa Intermediate and Fraser High Schools are all less than 2km away and are this property is in zone for all three. The Nawton shops, which include a Countdown, cafes, a veggie shop and more are less than 5 min walk away. The Hamilton CBD is a 10 min drive away.

LOCATION
  • $619,550
  • Gross yield: Potential 4%
  • Rental appraisal: $440-$480pw

  • Written rental appraisal available to potential purchasers
  • Annual rates: $1,875.72
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ABOUT THE AGENT

Ben Meehan

Licensed Salesperson
REAA 2008