About the property

This superbly located property is within walking distance to Canterbury University and just around the corner from the Bush Inn Shopping Centre.

One of the closest blocks to University being ideally suited to student accommodation, this property is professionally managed by one of Chch top property Management Company. The property attracts set fixed term leases (for 12 months).

With considerable undercover car parking available and a large north-facing landscaped courtyard which runs downs the entire length of the property, this property has a spacious feel.

Five units are currently let on a unit basis returning up to $349 per week. (Fixed term until 2011).

One unit is let on a room basis at $135 and $140 per week. (Vendor pays utilities). Currently one of these rooms is yet to be leased.

This could be expanded in the future to increase returns further yet OR rent all apartments on unit bases.

The units have recently been redecorated with new carpets throughout and paint - present very well. There is an extensive chattels list, as the units come fully furnished.

Layout: 4 Units Upstairs and 2 units on ground floor, all units have open plan kitchen to the lounge.

Section size is 1039m2 zoned L2, current vendor invested in landscaping and new fences.

Floor Area: 550 m² (91m2 a flat)
Building age: 1970s, Block & cladding, Concrete floor.
Aluminum Joinery.

Current Year's Rates: $5,831.81pa.

The numbers:

Currently rented as follow:

3 Flats Rented for $349pw
2 Flats Rented for $339pw
1 Flat is rented by the room as $135pw + $135pw + $140pw = $410pw (an additional $135pw should be accounted for)

Rental appraisal is: $335pw - $350pw for 6 unit bases is up to $2100pw = 9.34%

Or if fully rented by the room Potential up to $504 per unit pw!