347 Worcester Street, Linwood
Price by Negotiation
An exciting investment opportunity on the city fringe, this property has been used as a motel for over thirty years. It provides a three-bedroom dwelling and nine units. Eight of these are studio units, with the other one being a two-bedroom unit. This place has the potential to provide an excellent cash flow for future owners for many years to come.
The potential rental return, if the property was leased out on longer-term leases, is estimated at $154,000.00 per annum with potential long term rents at $400.00 per week for the three-bedroom, $280.00 per week for studio units and $340.00 per week for the two-bedroom unit. Current room rates as a motel range from $99 per night to $258.00 per night with an on-site manager living in the three-bedroom manager’s house. (subject to CCC approval)
– Over 1,000sqm situated on RMD Land (Medium Density zoned)
– Ability to be used as a residential investment block or a motel business (subject to CCC approval)
– Room to add value
With a total floor area of 445sqm and a land area of 1,011sqm of Medium Density zoned land, with a TC2 earthquake zoning. The interior of the units are overall in tidy condition, with the opportunity to still add value through improvements in modernising the kitchen and bathroom areas, the current vendors have been working through the property and some units have already been updated.
The property is positioned on the northern side of Worcester Street, in a preferred area of Linwood with some character housing surrounding and generally properties having a tidy standard of presentation. Close walking distance of retail outlets on Stanmore Road and the CBD.
The option to buy and leave the on-site manager in place to continue running the motel which has a solid customer base and is seen as a commercial investment or switch it over to longer-term tenants and get consistency of income
PROPERTY INVESTMENT SPECIALIST
Licensed under the REA Act 2008
Mobile: +64 27 349 1997
Office: +64 3 375 4700