28 Wharenui Road, Upper Riccarton

Extraordinary opportunity

We are proud to present this outstanding 17 bedroom, eight bathroom, investment property in the heart of Riccarton. Options here are endless with easy to let rooms and multiple options for tenanting whilst having a large plot of land for future redevelopment and a ‘holding income’ of over $150,000 per annum is a bonus.

With 17 bedrooms across the property comprised of 10 double and seven single rooms in total. Upstairs offers the self-contained four-bedroom flat with a shared bathroom, large kitchen, and open plan living area. Two of these upstairs bedrooms are fully ensuited.

The downstairs originally being a rest home, has 13 bedrooms that share three bathrooms with two bedrooms having full ensuites. There is also a large shared living room and kitchen to support this number of residents.

The current rates for a room are $165 per week for a single room and $185 per week for a double room. The vendor lives remotely so it is fully managed by a property manager who is very keen to keep the business, commenting “it is a great property, in a super location and is very easy to tenant.”

In a central and popular Riccarton location, with the University and Westfield Mall being nearby as well as many other popular shops and commercial areas, the property has not had a shortage of tenants in the 10 years of ownership. Refurbishments were made in 2017 including a repaint and new carpet.

– Seventeen bedrooms
– 10 double bedrooms, seven single bedrooms
– Eight bathrooms
– Three living rooms
– Two kitchens
– 883sqm of TC2 development land
– Zoned Residential Suburban Density Transition land

Our vendor is in a position to move on from this investment, don’t miss this chance to own a slice of residential Riccarton where its future looks bright. The vendor is not GST registered so the property is being sold including GST.