98 Main North Road, Papanui

Mixed use – multi-income – over quarter acre

Price by negotiation

This property in Papanui holds an opportunity rarely presented; the combination of three income streams and 1,029sqm of TC2 Residential Medium Density Land gives an array of future possibilities. Currently fully tenanted the property offers great immediate cash flow with 6%+ gross yield. With scope to improve and opportunity for partial interest deductibility with its commercial aspect.

The shop at the front of the property is tenanted by hairdressers and due for a lease renewal in August 2023. They currently pay $33,450 per annum, net income. The house is split into two flats, with the front flat having two bedrooms and being tenanted for $379 per week on a periodic lease. The rear one-bedroom flat has been tenanted long term, currently paying $269 per week. Three single garages at the rear of the property offer potential additional rental incomes. One garage currently rents for $216.67 per month, the current total income exceeds $77,000 per annum across the tenancies.

The property is fully insured and all earthquake repairs are completed. The commercial building at the front of the property was brought up to 100% NBS post-quake and a DEE report is available.

The zoning is great for development being Residential Medium Density with a height allowance of 32 meters giving potential for multi-storey apartments on this high-profile land holding.

  • A mixture of residential and commercial leases
  • 1,029sqm of TC2 Residential Medium Density Land

Sitting in the heart of Papanui, near Northlands Mall this property presents the chance to retain the shop front and develop the property behind with residential townhouses or landbank for the future. This is an estate sale and the property has served its purpose for retirement, it must be sold.

1,029sqm
3
2
3

Please call for viewing times.

 

Our Award Winning Team

Angela Webb

Angela Webb

027 349 1997

angela.webb@bayleys.co.nz

Angela Webb heads up Bayleys Canterbury’s residential investment division and a team of six like-minded sales professionals. With an extensive career in this very specialised sector...

View Profile

Persephone Singfield

Persephone Singfield

021 468 554

persephone.singfield@bayleys.co.nz

Persephone is an investment specialist with 20+ years of experience working in the residential property sector. Be it buying, selling, developing, subdividing, renting or renovating…

View Profile