• Land area: Sizable area of 2,069sqm (more or less)
• Building area: Total building area of 655sqm (approximately)
• Zoning: Medium density residential zone
• Tenancy: 1 commercial and 2 residential tenants
• Opportunity: Proven passive investment for peace of mind
• Annual net income: Estimated annual net income of $114,667 +GST
The property comprises two adjoining residentially zoned sites that have been developed with a commercial workshop and a detached garage building occupying approximately two thirds of the land plus two residential investment dwellings on the remaining area.
The anchor tenant is Stewart Motors, an established auto service centre business who provide a comprehensive range of vehicle repair and fleet maintenance options. The balance of the rental income is derived from two periodic residential tenancies positioned to the right and rear of the property.
Given the mixed-use nature of the property, this asset may well appeal to a future residential owner-occupier looking for a home with on-site income or alternatively a passive investor seeking a proven income earner with a competitive return.
Longer term the medium density residential zoning provides for higher residential density rates and more onsite intensive design matters maximising the future redevelopment potential of the property.
Do not miss this Whakatane opportunity to secure a split risk mixed use investment, call the sole agents Larissa Reid or Brendon Bradley today.