88 Eglinton Road, Mornington, Dunedin, Otago

Love a beautifully developed and maintained stately home? Even better if it has income attached? You will be hard pressed to find better than this. Known as Broomlands and built in the 1880s for Thomas Brown of the former well known draper Brown Ewing, this plaster over double brick home was converted into four flats in the 1960s. The current owners have renovated their own downstairs two-bedroom apartment to a high standard while maintaining the home’s character. These luxury quarters comprise a modern kitchen-living-dining area facing north and brimming with all modern appliances. The grand foyer and hallway feature the original tiles. Across the hall is a large entertainment lounge with gas fire, gorgeous mantlepiece, with mirror above. The main bedroom has an en-suite and there’s a single bedroom or office nearby. The three other flats have had long-term tenants and offer combined annual income of more than $53,000. All have been upgraded, have extensive chattels and are well maintained. The two-bedroom flat is spacious with grand rooms and a pleasant outlook towards the harbour and ocean. It is now let at $500 a week.
The property is on a 1562sqm mature section set back from the road and offers peace and privacy but is just a few minutes’ drive from the city centre. The total floor area of 450sqm includes basement storage and a utility area for garden tools. There is potential for further development, subject to consents, at the rear of the section where there is a sealed parking area and gardens. This property should attract buyers looking for a quality home with income and the potential to increase that revenue. Call to arrange a private inspection.