49 Matipo St

Riccarton Canterbury

759 m²

House

Currently for sale - view listing

Overview

Immediate Income & Future Upside

Enquiries Over $2,800,000 Private viewing by appointment – please contact the agents. Highly sought-after and exceptionally well positioned, this substantial investment represents an outstanding opportunity to secure a high-performing asset with both strong immediate income and future development potential. Situated on a 759sqm (more or less) freehold site and zoned High Density Residential, the property comprises three established dwellings with a combined 19 bedrooms, providing an impressive $3,895 per week in rental income - due to increase again in the 2027 student year. All three properties are fully tenanted on fixed-term agreements until late 2026, providing income certainty from day one. • 19 bedrooms across three dwellings • $3,895 per week in current rental income • Fixed-term tenancies in place until late 2026 • Rental income increases being secured • Proximity to the University of Canterbury • 759sqm (more or less) of High Density Residential zoned land • Excellent off-street parking • Planning report available for two additional student accommodation dwellings, subject to necessary consents • Genuine motivation to have this property sold The real attraction lies in the combination of cash flow and land value. A planning report has been prepared outlining the potential to remove the existing front villa and develop two additional student accommodation dwellings. With recent planning changes, there may now be scope to pursue three new builds instead, subject to Council consent. Either retain the existing properties and maximise rental returns, or, progressively add accommodation to increase income. Importantly, the property provides strong income while you consider those options, meaning the development potential does not come at the expense of an immediate holding strategy. This is not simply a property with a strong rental return - it is a substantial landholding, three-income earning assets with future development opportunity in one of Christchurch's most established rental locations. *Red boundary lines in photos are indicative only To download the Property Files, copy and paste the following link into your browser: https://www.propertyfiles.co.nz/5531506