Multi-Unit Rental With Yield Options

Occupying a sunny 1150 sqm site within a short flat walk of the vibrant Bayfair retail precinct and roundabout, this tidy 1970's built concrete block complex of four two-bedroom units presents some desirable options for developers and investors seeking good returns in a top-notch location. Zoned Residential, the fully tenanted flats enjoy a current gross yield of $78,500 per annum with current market rent appraisals just completed and available for future planning. The single level building has been well-maintained and sits on a flat partially fenced site with each unit occupant having their own allocated outdoor area tucked behind the quaint picket fence and a common area lawn at the rear. The 50 sqm (approx.) units themselves are primarily in good condition with each comprising the same simple layout of two bedrooms, open plan lounge to compact kitchen and a bathroom/laundry combination with shower over tub. The eastern end of the building is flanked by a communal four-vehicle carport for each tenant, a tool-shed and there's some off-street parking as well. Close to beautiful beaches, Baywave Aquatic and Leisure Centre, community amenities and public transport links the property will always have strong appeal to tenants wanting convenience and compact living. This exceptional residential investment has development scope in the long term with potential for strong capital growth from a sizable and rare freehold site strategically located, presenting a golden opportunity to gain

Auction 15th April 2021 from 1pm (unless sold prior)

Firstly an estate in fee simple as to an undivided 1/4 share in all that parcel of land containing 1150 square metres (more or less) being Lot 16 on Deposited Plan S 7143 and being comprised and described in Records of Title SA22C/198, SA22C/1188, SA22C/1189 and SA50C/548 (South Auckland Registry). Secondly an estate in Leasehold under: 1. Lease number H003295.2 being Flat 1 and Carport 1 on Deposited Plan S 19303 being comprised and described in Record of Title SA50C/547. (South Auckland Registry) 2. Lease number H003295.3 being Flat 2 and Carport 2 on Deposited Plan S 19303 being comprised and described in Record of Title SA17B/1201 (South Auckland Registry) 3. Lease number H003295.4 being Flat 3 and Carport 3 on Deposited Plan S 19303 being comprised and described in Record of Title SA17B/1202 (South Auckland Registry 4. Lease number H003295.5 being Flat 4 and Carport 4 on Deposited Plan S19303 being comprised and described in Record of Title SA17B/1203 (South Auckland Registry)

Chattels:

Fixed Floor Coverings, Curtains, Light Fittings, Electric Stove x 4, Expelair in Bathroom x 4, Expelair in Kitchen x 4, Smoke Detector x 4.