Investors, Home and Income Buyers Take Note!

What an opportunity in the heart of Island Bay! After 52 years our vendor is relinquishing this circa 1900's villa, and now it's your opportunity to own a property with genuine potential to add value. Make no bones about it, this property requires renovation and rejuvenation, but the rewards will be great. Plus there is ample opportunity to increase the rental yield.

Comprised of three flats, with a potential rental return of over $76,000 per annum, plus a single garage (independent rental assessments available).

Features of the property include:

Bottom flat:
- Two double bedrooms, with new carpet
- Lovely north facing lounge, with a sash bay window, matai floors and heat pump
- Country style kitchen, with rimu timber cabinetry, good sized pantry and gas cooking
- Bathroom, encompassing toilet, shower and laundry
- Currently vacant
- Rental assessment $530 per week

First top flat:
- Double bedroom
- Large lounge, currently configured as a double bedroom
- Wide hallway, currently used as a lounge
- Bathroom, encompassing toilet, shower and laundry
- Rental assessment $450 per week

Second top flat:
One single bedroom, and one double bedroom
Lovely sunny lounge with views out to the green belt
Great country style kitchen/dining room with gas cooking and dishwasher
Bathroom, encompassing toilet, shower and laundry
Rental assessment $490 per week

The property is partially rewired, re-piled and re-plumbed. The 480m2 section and 220m2 house with wonderful high studs throughout, provides light and airy spaces, creating glimpses of yesteryear. With an Rateable Value of $1,070,000, and private valuation of $1,300,000, this property is priced to sell, and will attract investors, home & income buyers and renovators looking for an exceptionally well-priced property.

Close to Island Bay shops, beaches, walkways and Wellington Hospital - what more could you want? Simply buy, renovate and let your rents flow in or convert back to an elegant home!
Call me now.