1-4/451 Hereford Street, Linwood

Investment block of four

This high-quality investment block comes to the market as a whole for an astute investor. The opportunity to own four townhouses which are all on individual cross-lease titles beckons.

This block has four, two-bedroom, one-bathroom 70sqm units. Each townhouse has a single garage with the front two units separated from the rear two by a pair of singles garages. Having been modernised, the kitchens are in great condition and the property is fully Healthy Homes compliant. With all four units tenanted, and the tenants intending on staying long-term in the block there is great value in buying this as a long-term hold. Returning $1,205 per week across all of the tenancies there is room to improve the rent over time, with the median rent for two-bedroom units in the area sitting at $340 per week.

The underlying 971sqm, TC2, Residential Medium Density land is another great resource for future development. Being so close to the city centre and the privately-owned aqua-gym across the road, there are plenty of amenities close by. The tenants also appreciate the secure electric gate at the front of the complex, adding security.

The property is currently fully insured and has had all earthquake repairs completed.

– Four, two-bedroom, one-bathroom units
– Each unit has a single garage
– Four individual titles
– TC2 RMD land
– Rental income over $60,000 p.a.
– Flat 1 $295 per week
– Flat 2 $300 per week
– Flat 3 $305 per week
– Flat 4 $305 per week

Each unit has rear access to a private fully fenced courtyard. The units share this common space with the grounds being maintained by the tenant in the front unit.

Blocks of four two-bedroom units don’t often come up for sale, as once you own a solid consistent income that a block of four provides, you don’t want to let them go.