112a Totara Street, Riccarton, Christchurch

Nestled at 112a Totara Street, Riccarton, Christchurch, this Freehold property boasts 6 bedrooms, a floor area of 230sqm, and a vast land area of 994sqm. Constructed in 1960 with concrete walls and an iron roof, both in average condition, the property stands firm on a level contour. Each of the three units is equipped with modern kitchens, bathrooms, and a heat pump, making it a highly sought-after rental, currently fetching over $70,000 per annum. The property's Capital Value (CV) has seen a remarkable increase of 31.92% from $940,000 in 2019 to $1,240,000 as of 2022. HouGarden's AVM estimates the property at $1,205,000, while the latest sales were recorded at $555,000 in 2008 and $330,000 in 1999.

For investors, this property presents a golden opportunity with its prime location in a top school zone. It's zoned for Christchurch Girls' and Boys' High Schools, both decile 10, along with other well-rated institutions. The quiet cul-de-sac is not only peaceful but also convenient, being minutes away from Deans Bush and the university, enhancing the appeal of this blue-chip investment.

With a combination of a solid investment return and the potential for future development on a prime section, this property is a fusion of real estate excellence. It's an ideal choice for those seeking a stable income while planning for future endeavors or for the savvy investor looking to secure a land bank with excellent growth prospects.

Updated on July 24, 2024