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Matt Morton & Co Limited, (Licensed: REAA 2008)
Matt Morton Matt Morton

310 High Street, City Centre

Asking price $1,395,000

Listing Description

Listed: Wed, 27 Mar

Impeccable Dual Investment - 8.1% Return

310 High Street, City Centre, Dunedin, Otago

Asking price $1,395,000

Details

  •   6+ Beds
  •   6+ Baths
Other Features
  •   2 Off-street parking
AttributeValue
Property type
House
Broadband in the area Fibre, ADSL, VDSL, Wireless

Description

The character property 310 High Street is situated on the corner of the award winning Heritage View precinct. The property offers two four-bedroom apartments on ground and first floor levels.

The apartments which are on one title are one of the best presented investment properties you will find on the market. The owners have been highly attentive and diligent in every maintenance aspect of this property with extensive upgrades undertaken over the past few years such as complete refurbishment of the interior, exterior painting and double glazing. The next discerning investor will cherish this asset within their portfolio.

The tenants attracted to this property are a mixture of workers and sometimes senior students, whom rent rooms individually on fixed term tenancies. The rooms are double glazed, heated and furnished with good quality chattels. Electricity and cleaning are supplied within the rent. The internet is a separate charge if the tenants wish to be connected. Some rooms have ensuite bathrooms and kitchenettes and others have either private bathrooms or shared options with a total of six bathrooms in the property. Two off street car parks and a pleasant private courtyard garden with flowering shrubs and seating at the rear of the property are available for tenants' enjoyment.

The property is located 600m from the CBD and is ideal for working tenants looking for the convenience of inner city living. The total annual income is approximately $112,500 which represents approximately an 8.1% gross return on the asking price. An independent rental appraisal suggests this could be increased by $18,000 or more than current levels. This could potentially provide a gross return over 9% and a nett return in excess of 7% once market rents are established as per the rental appraisal. Some landlord costs apply to the operation of the tenancies.

This investment property is simply outstanding and we welcome all enquiries to discuss further or to arrange a viewing appointment.


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Matt Morton & Co Limited, (Licensed: REAA 2008)
Matt Morton

Matt Morton


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Matt Morton

Matt Morton

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Matt Morton & Co Limited, (Licensed: REAA 2008)

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