[SOLD] Cashflow Sitting in a Desirable Suburb

Wairakei Road, Burnside, Christchurch - $455,000

Great cash flow located on TC1 land in a desirable part of Christchurch 8% Gross Yield.


Highlights:

Property Features: 5 Bedrooms

  • Price: $455,000
  • Gross Yield: 8%
  • Capital Value: $415,000
  • Rental Status: $700 p/w - fixed term through to July 2019
  • Annual Rates: $2,242
  • Estate Type: Crosslease (Freehold)
  • Floor Area: 140m2
  • Land Area: 1/2 share of 911m2

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About the Property

Those looking for a solid investment including furniture and fixed term tenants in place, this property is for you!

The 5 bedroom home was solidly constructed in the 1950s, consisting of a separate lounge with heat pump and an open style kitchen and dining room. The main bathroom has been updated and there is an extra separate shower in the combined laundry. The property is tidily presented however still leaves room to modernise further potentially increasing it's value in due course.

Recent improvements include new spouting, freshly painted kitchen cupboards, new bathroom vanity and wall lining. All EQC repairs completed, ceiling insulation has been installed approx 1 month ago.

One option worth exploring (subject to council approval) would be to look into freeholding the cross lease giving it its' own fee simple title on a roughly 450m2 site.

Being located in such a convenient location, Burnside is popular with professional couples and families and generally offers quality tenancies. With many homeowners living in Burnside and the surrounding areas means the street appeal and surrounding areas are nicely kept and displays many house proud owners.

Amenities

Zoned for Burnside High School - 3 min drive

Northlands Shopping Mall - 6 min drive

Papanui - 5 min drive

University of Canterbury - 6 min drive

Chch Airport - 6 min drive

Rates 348 Wairakei Rd Burnside.pdf

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