28 Wharenui Road, Upper Riccarton

Prime location, exceptional returns

Price by Negotiation – $1,450,00

Welcome to a unique and high-yield investment opportunity, offering an impressive gross weekly return of $2,870.00. This substantial property features 17 well-appointed bedrooms and 8 bathrooms, presenting a variety of options for tenants. Situated on a generous 883sqm (more or less) parcel of land, zoned TC2, Residential Suburban Density Transitional, it also offers excellent potential for future development or land banking.

The property’s layout is designed for versatility, with 13 bedrooms, 5 bathrooms, and a fully equipped kitchen on the lower level, while the upper floor accommodates 4 bedrooms, 3 bathrooms, and an additional kitchen. This configuration allows for easy room-by-room letting, optimizing rental income and providing flexibility for different tenant needs.

• 17 bedrooms (10 double bedrooms, 7 single bedrooms)
• 8 bathrooms (4 shared bathrooms and 4 ensuites)
• 3 spacious living areas and 2 kitchens
• Generating a gross income of $149,240 per annum
• 883sqm (more or less) of TC2 development land
• Zoned Residential Suburban Density Transitional

The property is currently professionally managed on a room-by-room basis, offering the new owner a seamless, hands-off investment. Its prime location, just a short walk from the University of Canterbury and Riccarton Mall, ensures a steady stream of tenants, minimizing vacancy periods and maximizing rental returns.

The vendor is in the process of downsizing their property portfolio and is highly motivated to achieve a sale. This presents an exceptional opportunity for savvy investors looking for immediate cash flow, long-term growth potential, and flexibility in management.

The vendor is not GST registered, so the property is being sold including GST.