This centrally located investment opportunity contains a spacious, double-glazed, open plan kitchen / living area, three big bedrooms and two medium-sized, one bathroom plus a separate toilet / laundry area and a nice sunny courtyard out back.
Rented at $875 per week until the end of 2026, and recently signed for $925 per week for 2027 the rental yield is strong (6.8%), but there is a smart play with the future of 853 George Street that would bring the rent up to excess of $1290 per week:
• The 327m2 site allows for up to 7 bedrooms without a resource consent and there used to be a toilet in the shed out back. It seems like a no brainer to covert that shed into a nice 6th bedroom.
• Convert the toilet/ laundry into another bathroom
• Finish off the double glazing
• General upgrade of the interior - new kitchen, carpet, paint etc.
Owners of student flats across New Zealand are about to enter a very profitable phase as birthrates indicate that universities will see an unusually high intake of students for the rest of the decade which will drive rents up.
Now is as good a time as ever to capitalise on the growing demand for student housing in New Zealand and you certainly can't go wrong buying a property in a blue-chip location that has scope for considerable capital gains.
