1-4/165 Riccarton Road,
Deadline Sale (unless sold prior)
1pm, Wed 26 Feb 2020
3 Deans Avenue, Christchurch
View – By Appointment
Superbly positioned four doors from Westfield Mall Riccarton, on the main thoroughfare to Hagley Park and the city centre, with multiple motels located close by, this is certainly a property with many opportunities for an investor, land banker or developer.
The four two-bedroom units produce great holding income from well-established tenants who are all keen to stay on. The owner of many years lived in the back unit, so this unit is currently vacant.
Flat 1 $320 per week
Flat 2 $350 per week
Flat 3 $320 per week
Flat 4 Vacant was owner occupied
With all the flats occupied the block would produce a holding income of approximately $1,340 per week or $69,680 per annum. The units are in tidy condition but have a potential for renovation and could be modernised into styled apartments for young professionals or Airbnb holiday accommodation, creating more cash flow growth.
With a total land area of 1,011sqm, being approximately 20m wide x 50m deep, on TC2 zoned land and situated in the Residential Medium Density development zone, the future potential for this land is very bright.
- Income potential $69,680 per annum
- Block of 4 x 2 bedroom units
- Land area 1,011sqm
- Approx site dimensions 20m wide x 50m
- Zoned medium density
- Four doors from Westfield Mall
- Fully insured
- Zoned for Christchurch Girls’ and Boys’ High Schools
- Freehold title
Zoned for some of Christchurch’s finest schools, including Christchurch Boys’ and Christchurch Girls’ High, not to mention the close proximity to Canterbury University and the College of Education, offering all of the assurances one could wish for to strengthen your investment.
Our vendors are ready to release their equity after nearly 50 years of ownership and are determined to sell this opportunity with all its potential growth to an investor who likes to plan for the future.