Barfoot & Thompson Commercial are pleased to offer for sale this purpose-built investment property in the Auckland suburb of Manurewa.
The development at 116-118 Browns Road provides purpose-built residential accommodation designed to meet the shortage of housing for individuals seeking one-bedroom units in South Auckland.
The property is comprised of five separate buildings, each containing 15 one-bedroom units with en-suites, 75 studio units in total, on 2,030m² of land in close proximity to Homai railway station. Each building is on its own separate title, creating an affordable investment opportunity.
The buildings are leased to Maranga Fanau Charitable Trust, a substantial private entity that works closely with the government through the Ministry of Social Development and other agencies. The organisation provides a range of essential services, including social housing, school mentoring, and elderly support. The lease is for 12 years at $312,000 per building. This is a fully net lease with outgoings payable by the lessee, other than rates and management fees, providing a net return of $269,000 per building.
This property offers hassle free income in a high demand market segment with a high yield.
KEY FEATURES:
• 12-year lease to Charitable Trust
• $269,000 net rental per building
• 15 one-bedroom units per building
• Fully managed
• High yield - 7.75%
• Buy one or more buildings
• Vendor finance available to approved purchasers up to 75% at 5% interest rate
