87 Queens Drive, Lyall Bay, Wellington

For sale for the first time in 20 years, this is an astute investor's or developer's dream: enjoy this exceptional high yield of the four two-bedroom flats or redevelop this prime site being flat and extra-sunny. Take advantage of Lyall Bay's popular beachside location and close proximity to schools, supermarkets, shops, cafes and sports venues as well as the airport and CBD. Features include:

- Incredibly high yield, with a weekly rental return of $2170 - equating to $112,840 gross annual income! Less current expenses and you have a massive net yield of $78,840 per annum! Hard to find these returns! - you do the sums!!

- Four two-bedroom flats with complementary east-west and north-south aspects for great natural light on all sides - tenant appeal offering convenient, easy-care accommodation

- Big, flat 663sqm^ section with sunny lawn, garden and all-day sun: an exceptionally rare bonus for tenants

- Fantastic location close to one of Wellington's most popular beaches as well as Lyall Bay's mix of cafes, and boutique and big-box retailers

- Potential for rental upside through cosmetic enhancements - or land bank and maximise the site for future potential gains - prime development spot!

- Huge development potential: demolish the flats and build more units/townhouses to capitalise on the flat, easily accessible, generous position and sought-after location

- Off-street parking for up to four cars while being close to bus routes, and bicycle lanes

- Rateable Value 2021 $2,070,000 | Rateable Value 2024 $1,450,000

Investment returns and building sites like this are seldom found. Capitalise on this opportunity and reap the rewards! This could be the best prospect in the bay! Call Emma Young Team for a private viewing or come to the next scheduled open home.

Tender closes 11am, Thursday 20th March 2025 at 8 Kent Terrace, Wellington (will not be sold prior)

^Source: Property Guru