Hannah's Bay is a beautiful part of Rotorua. It is walking distance to Lake Rotorua and feels removed from all the hustle and bustle of town but is only a short ten minute drive to town. Hannah's and Holden's Bay is a home to many holiday parks. There is potential for these units to be an AirBnb in the future as well.
Each unit has its own carport and garden. They also each have a deck in the front with a dividing wall between for each unit's privacy. Each unit has 2 bedrooms, a good sized living area, a combined bathroom, a heat pump for heating, underfloor insulation and a standard kitchen.
The two units currently return $725 per week. If these were brought up to healthy homes standards it would increase returns by approximately $100 per week.
There is potential to increase rental returns as well as equity by doing further renovations by painting the exterior, new flooring throughout and modernising kitchens and bathrooms. The total cost for a complete renovation would be approximately $50,000 and if required, we can help facilitate the project through trusted local builders we work with.
Estate type: Crosslease (Freehold)
Rental status: One unit is on a fixed-term tenancy agreement until 10 Dec 2021.
The other will be vacant possession.
Rental appraisal: $415 plus per unit after renovation (verbal, TBC in writing).
Floor area: 146sqm
Land area: 1011sqm
Car parking: 2
2 minutes to grocery shops and take aways.,10 minutes to CBD, All level of schooling within 10 minutes drive, 2.4km to Rotorua Lakefront Reserve
Gross yield: 5.9%
Rental appraisal: $415 plus per unit after renovation (verbal, TBC in writing)