116 Clarence Street, Riccarton

Entry-level investment, great return

Auction (unless sold prior)
12pm, Thu 20 June 2024
3 Deans Avenue, Addington, Christchurch 8011

Seeking a lucrative investment offering exceptional returns and a prime location? Featuring five bedrooms and two full-sized bathrooms. This residence is purpose built to provide comfort, convenience, and a robust rental income.

Currently leased on a 12-month fixed term tenancy until 26th January 2025, this property generates a steady income of $900.00 per week, with potential to increase further come January. The property has seen on average two days vacancy per year, giving close to 100% occupancy since built. Located between Christchurch Hospital and the University of Canterbury.

• Five double bedrooms
• Two spacious bathrooms, each with a shower and toilet
• Current rental income of $900 per week, with potential to increase come Jan 2025
• 324sqm of freehold, TC2, Residential Medium Density Zoned land
• Walking distance to Christchurch Hospital and the University of Canterbury
• Open-plan kitchen and living area
• Three generous off-street car parks
• Fully Healthy Homes compliant

Constructed in 2000 and recently upgraded to meet modern tenants’ preferences, this property has been meticulously maintained and upgraded. Over $100,000 has been invested in enhancements, including a complete re-clad with cavity, new roof, insulation, double glazing, and fresh paint and carpet.

This property offers a compelling combination of reliable rental income and significant potential for future capital growth. With existing, high quality tenants providing immediate cash flow and a sense of security, this opportunity is not to be missed.

Our motivated vendor is eager to pursue new projects and is keen to finalize the sale on or before auction day. Secure this outstanding investment today and enjoy the benefits of a sound and profitable addition to your portfolio.