This is an excellent opportunity to secure a fully leased freehold mixed commercial/residential property located on Great King Street, North Dunedin. With two apartments on the upper level and two commercial tenancies on the ground floor, and a static sign board, with parking (seven parks) at the rear. This character building is positioned on one freehold title of 408m2 (more or less). The subject property is located at 808 Great King Street, North Dunedin and offers an astute investor (or group) the opportunity to secure tightly held real estate in a popular area of Dunedin's North End.
The property consists of two spacious, well-appointed apartments on the upper level (a two-bedroom apartment and a four-bedroom apartment) accessed from Great King Street and have been let consistently with demand in this area as student apartments. Each apartment comes with a carpark, have outdoor decks and are let for 2024 returning $370 pw and $740 pw respectively. There are two secure commercial leases in place, a pizza operator, a barber and a static sign board rental arrangement. The property is returning $120,720 PA going to $125,720 PA on 1 June 2024 (gross). The premises have been earthquake strengthened and vendors have supplied an assessment reporting 72% NBS. Ability to have property managed, providing an attractive hands-off investment opportunity.
Built back at the turn of the century, this character property has heritage features typical of buildings of this era, with its façade fronting Great King Street (with double glazing in the apartment windows fronting Great King Street).
The zoning for this property under the 2nd Generation District Plan is Section 15, Inner City Residential. The Vendor is registered for GST - therefore any sale will be plus GST (if any). Viewing is strictly by appointment only.
For a full information memorandum please contact the exclusive agent, Merrin Bath Ph 0272020903 merrin@edinburgh.co.nz
