[SOLD] Cashflow and Two Incomes in Central Wellington

304-15 Holland St, Te Aro, Wellington - $459,000

Enjoy the security and cashflow two incomes provide, combined with the premium rent from being in the centre of Wellington City.


Highlights:

Property Features: 1br + Studio Dual Key

  • Price: $459,000
  • Gross Yield: 8.2%
  • Capital Value: $375,000
  • Rental Status: $400 + $320 = $720pw
  • Rent Appraisal: $400 (apartment)
    $320 (studio)
    Total $720
    Verbal - TBC in writing
  • Annual Rates: $1,824
  • Estate Type: Stratum in Freehold
  • Floor Area: 66m2
  • Annual Body Corporate Fee: $5799

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Additional Information

This is a well-appointed dual key property comprising a spacious double bedroom apartment + a studio apartment. With the strong yield and superior location it is sure to appeal to astute investors.

The location is fantastic. Situated on a quiet street and facing North for good sun, these apartments are a 2minute walk to the vibrant city centre of Courtenay Place. These apartments will appeal to city workers and students alike. If you live in Wellington and want a city "crash pad" then the rental from the other apartment will significantly substitute your mortgage.

The furnished property is north-facing and offers all the modern comforts, stylish kitchens with quality appliances, deck, open plan living, in a modern and secure building. EQC compliant and a well run Body Corporate.

Please see the relevant information below:

1. The two apartments comprise 66m2 (lending not an issue)

2. The Building was completed in the late 2000's

3. The Building is signed off by the WCC as EQC compliant

4. Body Corp Fees: $5,800 pa (Includes insurance, gas and hot water)

5. Apt 303 = $320pw, Apt 304 = $400pw

6. A chattels list and body corporate minutes are available to interested purchasers

A full cashflow projection is attached but at a high level the numbers are strong:

- PP $459,000 (includes fees)

- Rent $720 pw

- BC $5,800

- Rates $1,824

- 8.5% management

- 2 weeks vacancy

- 4.5% interest rate

100% lending shows pre-tax cashflow of $4,211 (interest only)

80% lending shows pre-tax cashflow of $8,216 (interest only) or $2,961 (P&I)

Net yield of 6.5% (after BC & rates, before management and maintenance)

The usual in Wellington is a 52 week fixed term tenancy, which would add another $1,440 in gross income each year.

Note: The images are from when the property was last furnished, two years ago.

Amenities

Holland St is in the heart of Te Aro and is very convenient to Victoria University, The Basin Reserve, Cuba St and the CBD.

304 15 Holland St Numbers.pdf

QV 304 15 Holland Street Te Aro Wellington.pdf

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

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Agent Contact Details

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

After 9 years of searching for a way to invest in an NZ rental property whilst in the middle east, I finally found iFindProperty. It was well worth waiting for. Not only have I now purchased my first rental property, I have gained an incredible amount of knowledge from working with a team of professional investors who have a lot more experience than myself to help me make informed and sensible decisions.

The entire team was there for me every step of the way, regardless of how many questions I asked! I feel like I have not only been introduced to an entire network of contacts, whom I hope to use going forward feel, but I have also gained friends..

Simon - expat Kiwi in Qatar

We decided to sell our much loved family home of 12 years so contacted someone whom helped us in the past, unfortunately he did not specialise in our current location and so we trusted his recommendation to Peter Ambrose.

I contacted Peter and we explained what we wanted after meeting and the rest was a blur as it happened so quickly. We found Peter friendly and easy to communicate with. His expertise was genuine and transparent, especially if there was something we needed clarified and unsure about. After first-hand experience we can now confidently and personally highly recommend Peter Ambrose and iFindProperty to others that need to go through what would normally be a stressful process of selling your property and home with ease and the least hassle.

Again, we express our thanks and much appreciation.

Ete and David

Searching for an investment property in NZ isn’t easy in a tight market and is even more difficult when you live overseas (even if it is just across the ditch!).

iFindProperty made it easy. Peter took the time find out what my requirements were and knows the local market and how it is changing. His great communication and extra help for an overseas buyer was amazing! I highly recommend Peter and the iFindProperty team as they make investing much more achievable and easier.