Spanning an expansive 1,047m2 (+/-) of Inner-City Residential land, the site is primed for future development, with zoning that allows for up to 23 rooms - an enticing prospect for investors looking to maximize returns in a high-demand rental market. Currently configured as two separate two-bedroom flats on a single title, the property already delivers a solid rental income of $1,000 per week. However, there is ample scope to enhance returns further, whether through strategic upgrades, reconfiguration, or larger-scale development.
One of the flats has been tastefully renovated, seamlessly blending modern comforts with functional design to enhance tenant appeal. The other flat remains largely original but is exceptionally well-maintained, with a reliable long-term tenant in place. Both units feature generously sized living areas, positioned to capture abundant natural light from their desirable northeast aspect. The property's elevated setting offers breathtaking views over North Dunedin and the harbour, along with healthy homes compliant further enhancing its appeal. The location is highly sought after, just a five-minute walk downhill to both the University and the city centre.
Adding to its potential, the expansive basement areas present an excellent opportunity to add value. With thoughtful planning, a third bedroom could be incorporated into each unit, and the basement areas could be transformed into a self-contained one-bedroom unit and a self-contained studio - significantly increasing rental returns.
With multiple pathways to increasing value - whether through maximizing rental income, reconfiguring the existing layout, or embarking on a more ambitious development - this is a prime opportunity that should not be overlooked.
Get in touch today to discuss the possibilities and secure this standout investment.
4
2
1
