[SOLD] Cashflow Positive High Income Student Rental on 931m2 of Prime Land
18A Renfrew Street, Upper Riccarton, Christchurch - $803,690
This property is superbly maximised as a student rental in sought after Upper Riccarton within walking distance to Canterbury University.
Tenants are in place on one tenancy agreement and are locked in until December 2016.
A strong rental return of 7.8% is on offer as well as potential future growth as the property is set on a large parcel of land in a high demand area of Christchurch.
The property consists of a brick and tile 3 bedroom home with two purpose built sleep outs. Features include:
• 8 Bedrooms (3 in main house, 5 in newly built sleepouts)
• 3 Bathrooms (1 in the main house, 2 in the sleep outs)
• 2 Heatpumps
• Plenty of off street parking
• Renovated in 2014
• Situated with a lovely outlook onto Rannerdale Playing Fields
This area of Christchurch has been identified by the City Council as having increased demand for housing. As such through the Proposed District Plan, re-zoning of this property may occur. The re-zoning would enable more intensive development of this property through a new residential zone and associated rules called ‘Residential Suburban Zone.
School zones impact property prices in Christchurch and this property is in zone for quality schools such as Middleton Grange School, St Thomas of Canterbury College, Riccarton High School and Ilam School.
Upper Riccarton is a suburb of Christchurch located about seven kilometres from central Christchurch. Upper Riccarton is a popular suburb because of its location near the University of Canterbury and it’s situation in the west which experienced far less earthquake damage.
Many of the homes in the area are rented out to students and the number of families in the area is steadily increasing. Upper Riccarton is largely residential with adjacent Riccarton offering many shopping opportunities and good schooling. The Riccarton Bush is popular in the area for recreational opportunities.
Licensed Salesperson - REAA 2008
029 300 7435