[SOLD] Last unit at this price - brand new in Richmond
40 Draper St, Richmond, Christchurch - $344,100
About the Property
The 40 Draper Street complex is compelling, boasting yields over 6%, attractive to both renters and owner/occupiers and conveniently located just 2.2km from the Christchurch CBD, in a location that usually commands a $400,000+ price tag.
This is the last unit available at this price. The developers are pre-selling at wholesale rates to get the project launched and the remainder of the units will be sold at a higher price. At $344,100 you are looking at a discount to valuation of up to $26,950. Recent comparative sales are in the $390,000s to early $400,000s and a further rebate on settlement of up to $3,850 makes the opportunity even more worth looking at.
The key points:
- Brand new units to be constructed by an experienced quality builder in a central location
- Up to $26,950 purchase price discount (7% below valuation)
- Up to a $3,850 rebate on settlement (1% of valuation)
- Prices will be increased once acceptable pre-sale levels have been reached
- Gross yields of up to 6% giving after tax cash flow of over $2,000 per annum
- Entry prices from $344,100
- Deposit 10%, balance at completion
- Settlement early 2017
After a flat 2015, this is a suburb on the rise and an opportunity to secure an entry level investment at yesterday’s prices. 40 Draper Street is on the corner of Stanmore Road, only meters away from the Richmond shops.
There are very few new properties available for rent in this location so once completed, this property will be very sought after by tenants or owner-occupiers alike.
Properties like this are seldom found and upon completion (early 2017), these units will offer the investor a safe and sound rental income for years to come.
Located 2.2km north east of the Christchurch CBD, on the North Eastern fringe of the Four Avenues.
Richmond is a small suburb on the fringe of Christchurch’s sought after Four Avenues. Since the 2011 earthquake, it has been going through a gentrification process with many old properties being renovated or demolished and replaced.
Walking distance to the Richmond shops and a few minutes’ drive from Christchurch’s CBD.
Close to CBD employment opportunities and southern and northern motorways.