Every now and then, a true unicorn comes to market. This is one of those occasions.
Located within an approx. five-minute walk of Queens Park and just minutes from the Invercargill CBD, this purpose-built complex of 18 residential units occupies an impressive 4,790sqm site (more or less).
Generating approximately $321,000 in annual rental income, with considerable scope for future rental growth, the property could deliver an exceptional gross yield of approximately 10%, depending on the final purchase price.
Adding further value, resource consent is already in place to subdivide the complex into four separate titles, providing purchasers with an exciting and relatively straightforward value-add opportunity.
Each studio unit is equipped with its own heat pump, benchtop oven with dual hot plates, wardrobe, and additional storage space. The internal layout is open plan lounge and bedroom combined in an L shape, separate kitchen and bathroom. Constructed with concrete and timber joinery, the units currently achieve weekly rents ranging from $320 to $360.
