Description

After looking at many properties in both Hastings and Napier and attending countless open homes, a suitable property was finally found that ticked all the boxes. The deal was a three-bedroom, one-bathroom property on Wordsworth Crescent in Maraenui—a nice street in a lower socio-economic area, close to Napier Boys’ High School.

The property itself was a tidy 1960s brick-and-tile home with a large backyard. When assessing the deal, we looked closely at its subdivision potential. After speaking with both a surveyor and a planner, we established that while subdivision is never guaranteed and always subject to council approval, the signs were positive. A number of rear sections on the same street had already been successfully subdivided, and importantly, there were no sewer or stormwater pipes running underground through the backyard. This meant any future application would have a strong chance of approval.

Being brick-and-tile, the property is low-maintenance, and it was very well presented inside. It was owned by proud owner-occupiers who were motivated to sell so they could move to Australia. The building report came back with a few minor issues, which we were able to use to negotiate a reduction in the purchase price, and the property subsequently went unconditional.

As soon as the property went unconditional, we leveraged our local connections to quickly line up a property manager, along with a builder and plumber, to address the minor issues. Within a few weeks, the property was rent-ready and successfully tenanted.