289 Mount Wellington Highway, Mount Wellington, Auckland

Embrace an extraordinary investment opportunity at 289 Mount Wellington Highway, a freehold property with a rich history, dating back to 1950. This expansive residential rental complex boasts 8 bedrooms, 4 bathrooms, and a generous floor area of 335 square meters, all set upon a level plot of 1012 square meters. The mixed-condition wooden walls and iron roof have been the silent guardians of this property's potential. With a CV of $2,700,000 as of June 2021, and a growth rate of 39.9% since July 2017, the capital value increase is a testament to the property's investment allure. The latest sale history, with a transaction of $2,036,000 in 2017 and $725,000 in 2005, further highlights the appreciating value of this asset.

Valued at $2,512,500 by HouGarden AVM, this property is strategically located in a business-mixed use zone, with the esteemed Sylvia Park Shopping Mall just across the street. Its proximity to the highway entrance, just 600 meters away, and the nearby train station, offer unparalleled convenience. The educational facilities are equally impressive, with Baradene College, One Tree Hill College, and Sylvia Park School, all within reach, boasting deciles of 9, 3, and 2 respectively.

As a rental property, it currently generates a consistent rental income exceeding $2,000 per week across its four units. With the new government policy allowing tax deductions on rental income interest from April 1st, this property becomes an even more compelling investment. Don't miss the chance to capitalize on this exceptional investment opportunity.

Updated on May 17, 2024