Nestled at the junction of Mount Smart Road and Felix Street, this Freehold property encompasses three freestanding buildings on a sprawling 1,315m² of land. Constructed in 1950 with brick walls and an iron roof, the compound includes a commercial arcade with six retail shops, a residential house with three bedrooms, and a workshop/office space. The property boasts a combined net rentable area of approximately 737m², with long-term established tenants and a current holding income of around $175,149 net + GST annually. Notably, the Capital Value (CV) has seen a substantial increase of 53.75% from $2,000,000 in 2017 to $3,075,000 in 2021, echoing the investment potential of this upcoming area. The latest sale was recorded at $3,075,000 in 2024, further validating the property's worth.
For investors seeking a high yield opportunity, this property presents a rare gem with potential income reaching approximately $218,000 net + GST if fully leased. The split income streams from commercial and residential tenancies, coupled with the prospect of owner-occupier options, make it an attractive package. In terms of education, the property falls within the zones of Baradene College (Decile 9), Te Papapa School (Decile 2), and One Tree Hill College (Decile 3), ensuring quality education options for residents.
With a HouGarden AVM of $2,997,500, this SMART SPLIT RISK INVESTMENT offers not just a prime location and rental upside but also the stability of established tenancies and a motivated vendor, making it a compelling opportunity not to be missed.
Updated on August 14, 2024
