22 Avenal Street

Avenal Southland

590 m²

4790 m²

Other

Currently for sale - view listing

Overview

Rare 18 Prime Units - Approx. 10% Gross Yield

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. Opportunities of this scale, location and income are exceptionally difficult to replace. 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. Strong interest is anticipated. Prospective purchasers are encouraged to register their interest early. These units will all be healthy homes compliant upon settlement, with some work currently being completed Each unit is equipped with its own heat pump, benchtop oven with dual hot plates, wardrobe, and additional storage space. Constructed with concrete and timber joinery, the units currently achieve weekly rents ranging from $320 to $360. Contact Brittany Wilkes today to arrange your private viewing or request further information.