13 Garden Road, Northland, Wellington

Not for the Faint of Heart - Calling all Bargain Hunters, Renovators and Visionaries.

If you want multiple streams of income in a city fringe location, with pretty much nothing but upside, and you are not afraid of hard work, then this one is gonna grab you. Comprising four self contained flats, within a short walk of the Northland shops and walkable to the Government precinct for work, this one screams P-O-T-E-N-T-I-A-L.

As you would expect, with this location, size and potential for rental income, at this tantalising price point, there are a few issues... The main one being the yellow sticker. It has been assessed at 26% NBS so it is technically deemed "Potentially Earthquake Prone". Under current rules, the owner has until 21 March 2029 to rectify this, either by proving the building is 34% NBS or greater, or completing work to get the building to at least this level.

In addition, the flats are all in need of attention, in order to bring them up to a good standard.

- Flat 1: 4 bed plus office - $600pw - periodic

- Flat 2: 1 bed plus study - $310pw - periodic

- Flat 3: 1 bed - $220pw - periodic

- Flat 4: Studio - $230pw - periodic

- Total current rent $1,360pw with massive upside available following improvements

- Land area 660sqm (more or less) with two street frontages

- Potentially subdividable

- High level engineers report available

- Due to the earthquake resilience status, this property is unlikely to qualify as mortgage security, so any purchasers will need to be able to raise the money against other assets

- Rates $8,944.24pa

- 2021 RV $1,850,000 - 2024 RV $1,300,000 - BEO $719,000

As I hope is clear by now, there is considerable work to be done here (this is not for the faint hearted - do not say I didn't warn you!)... but if you are willing to do the work, the rewards will be there, by way of enormous potential for increased value and rental income. Come check it out and start getting your ducks in a row. There is massive opportunity going begging here!!

Tender closes 1pm, Thursday 13th February 2025 at 8 Kent Terrace, Wellington (will not be sold prior)