Listed: Thu, 31 Oct

Apartment Building - Dual Income

396 Princes Street, City Centre, Dunedin, Otago

Asking price $2,250,000

6+ Beds
6+ Baths
4 Living areas
490m² Floor
287m² Land

Other Features

6+ Separate toilets

Attribute	Value
Property type	Apartment
Capital value (CV)	$1,334,000
Agency reference	DU36667
Broadband in the area	Fibre, ADSL, VDSL, Wireless

The Empire Hotel Apartment Building comprises of Four High End Apartments over three levels, the building has a Historic Places Catalogue 1 classification and has been totally renovated, top to tail, including earthquake strengthening.

The configuration: Apt 4 Penthouse - 2 bed, 2 ensuite, glories living/kitchen/dining that opens out to north facing deck, Apt 3 - 2 bed, 2 ensuites, superior spacious living/kitchen/dining that feature brick walls, Apt 2 - 2 bed, 2 ensuite, exceptional living/kitchen/dining, master bedroom has power shower, separate Suna plus outside courtyard with Hot Tub and Apt 1 (ground floor) - large kitchen/lounge facing the street, at rear bed/ensuite plus separate disability toilet with laundry facilities + 9m2 cellar. This level has the option of commercial or residential use. All units come fully furnished to operate as AirBnB or residential tenancies.

The History - 1858 The Queens Arms built on this site - 1879 The Union Hotel built on this site and renamed The Empire Hotel in 1898. There was 153yrs continuously licensed trading. 2015 the derelict Empire Hotel was purchased by Jon Leng a Historic Property Developer, 2015 - 2024 - developed into superior High End accommodation.

Income - Apt 4 - rented $1,000/wk, Apt 3 - rented $900/wk, Apt 2 - Airbnb $395/night - Apt 1 - Owner. Cashflow details are available. The options are Airbnb, fixed tenancies or owner occupier with income from balance of apartments.

Other Options: Owner occupying and generating income from the other three units. Owner occupying, operating business from ground floor and generating income from the other two units. Operating as investment property.

" Home of The Dunedin Sound" In the 1980's the Empire became famous as the venue which gave local bands a place to strum and jangle their creative energies, a collective voice which became internationally recognised as The Dunedin Sound and as such has special cultural importance.

Inspect and you will not be disappointed.