10 Darvel Street, Riccarton, Christchurch

Nestled in the serene Darvel Street, Riccarton, Christchurch, this Freehold property boasts a 4-bedroom, 2-carpark residence with a floor area of 130sqm and a sprawling land area of 486sqm. Constructed in 1961 with concrete walls and tiled roof, both in good condition, this property is part of a Summerhill Stone complex, now on the market after 54 years. The current government valuation (CV) of $1,200,000 reflects a 46.34% increase since 2019. The property's contour is level, and it includes two well-maintained units with healthy home certificates, currently rented at $430pw and $410pw, with potential for more. The appealing property is warm and sunny, with a functional layout and a generous yard, a rarity in rental flats. It is located in a prime area, zoned for top schools such as CBHS, CGHS, Kirkwood Intermediate, and Ilam School, enhancing the investment's value. The proximity to Hagley Park, the Town Centre, and Hospital adds to the appeal. This is an ideal investment opportunity, whether as a landlord or for those seeking to live in one unit and rent the other.

With a HouGarden AVM of $1,205,000, this property has a history of solid growth. Notably, the CV has risen from $820,000 in 2019 to the current $1,200,000. The location's desirability is evident in the surrounding development, making this one of the last original sites in a highly sought-after area. Investors are advised to act quickly on this low-maintenance property with immense potential for further value addition.

For families, the school network is a significant draw. The property falls within the zones of highly rated schools, including Ilam School (Decile 6), Villa Maria College (Decile 9), and Christchurch Boys' and Girls' High Schools (Deciles 10 and 9, respectively), among others. This property offers not just a home but a promising future for both investors and families.

Updated on September 26, 2024