A complex of 12 one-bedroom residential units in Upper Hutt, Wellington, has been placed on the market for sale, offering the opportunity for a buyer to add value.
The fully occupied complex at 17 Hildreth St is being marketed by Ben Taylor and Tim Julian of Colliers International and is for sale in one parcel by deadline private treaty closing on 12 April.
Although the units are for sale together, all 12 are on individual titles.
“This offers the buyer the opportunity to sell them individually, either to occupiers or to investors who wish to purchase affordable, well-located residential investments,” he says.
“The housing market’s upward trajectory is pricing many buyers out of the market so small, affordable units like this offer a solution for many buyers.”
With the 12 units all occupied by existing tenants, there is also a stable and diversified income stream in place should the buyer wish to hold all the units as an investment, Julian says.
“The units are all rented for $220 a week so the complex makes an excellent passive investment. The buyer could also elect to add further value through refurbishing the units and adjusting the rent, or potentially adding a second bedroom to some units, subject to rules under the District Plan.”
There are very few one-bedroom titled properties in Upper Hutt, so units like this are in demand among both tenants and investors, he says.
The semi-detached units are arranged in six single storey free-standing blocks among well-landscaped and planted grounds on a residential-zoned, 2178m2 site. All residents have direct access to the gardens and each unit has a car park. The existing tenants are mainly older people and the attractive environment will appeal to this demographic, says Julian.
The 45sq m units were built in around 1980 and are well-maintained, providing a good standard of rental accommodation.
The general standard of housing in the area is improving, with the north western end of Hildreth St having recently been developed with new housing, says Taylor.
“This is a very handy location for residents, with the Upper Hutt town centre nearby offering three supermarkets, The Warehouse, Farmers, Mitre 10 Mega, banks and numerous specialty stores. It’s also close to State Highway 2 linking the area to Lower Hutt and Wellington CBD.”
Upper Hutt is also well served with train stations, bus routes and schools, Taylor adds.
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