10 Penn Place, Upper Riccarton, Christchurch

Located at 29/10 Penn Place, Upper Riccarton, Christchurch, this industrial property presents a unique investment opportunity. With a floor area of 30 square meters, it features concrete walls in good condition and an iron roof also in good condition, reflecting its 2000 construction year. Despite having no bedrooms, it includes 1 bathroom and lacks car parking facilities. The property is held under a Unit Title, indicating ownership of the unit itself rather than the land it sits on.

Over the years, the capital value of this property has seen a significant increase, from $75,000 in August 2019 to $87,000 in August 2022, marking a 16% growth. The HouGarden AVM estimates its value at $82,500. Notably, its latest sale on February 22, 2024, reached $120,000, a substantial rise from its previous sale at $52,500 on October 30, 2012.

The property is advantageously located within the zones of several reputable schools, including Villa Maria College (Secondary, decile 9), Kirkwood Intermediate (Intermediate, decile 7), St Thomas of Canterbury College (Secondary, decile 8), Riccarton High School (Secondary, decile 6), Middleton Grange School (Composite, decile 9), Wharenui School (Full Primary, decile 3), Christchurch Adventist School (Composite, decile 5), and Hagley Community College (Secondary, decile 6). This diverse range of educational institutions adds to the property's appeal for potential investors or occupants with educational needs.