At the price required you get the full-floor 4-bedroom apartment as your own weekender – plus 5% net return on your investment.
Once chosen as the safest building in which to store the Treaty of Waitangi – built in 1922 – but without the frustration of a heritage listing. This property has had just two owners in 103 years.
Tenants are a fabulous Day Spa, an insurance broker and two voluminous fully furnished apartments.
The entire top floor is a 250m2, 4-bedroom apartment deliberately now vacant for the potential use of the new owners. The interior has been totally refurbished with extensive services upgrades in the past decade.
The net rental if the vacant apartment is leased is $79,000. The RV is $880,000, obviously too low, but not wildly so.
A smart opportunity here for a cash buyer.
The NZ engineer’s legalised rort – the ridiculous NBS regulations, will soon be abolished (refer recent comments from the Hon Chris Penk, Minister of Building & Construction) meaning greater value for coveted properties like this.
