This will be one of the last opportunities to buy a development site on the most sought-after street for 3rd year students. In general, the demand for student flats currently outweighs supply and the race to rent a house on Queen Street starts in April/ May the year prior with 100+ prospective tenants often turning up to open viewings of flats in that area.
The 7 bedroom, 2 bathroom flat contains 6 big bedrooms plus a sleepout, open plan kitchen/ living area, courtyard out back and a car port. It is currently tenanted until 31/12/21 at $840 per week with the next lease starting from 8/01/22 - 30/12/22 at $924 per week. Spouting repairs still need to be completed for the house to comply with healthy homes requirements, but the vendor is happy to have this completed for the successful purchaser.
The 506m2 site allows for up to 11 bedrooms (subject to building consent) and in the current market, a new flat on Queen Street will return a minimum of $200 per room.
Renovate the existing building and add bedrooms or knock it over and start fresh. Either way, with tenants locked in until the end of 2022, you have plenty of time to plan and work out the best way to maximise the potential of this property.
Tender closes at 4.00pm on Thursday the 14th of October 2021. No prior offers
Proudly marketed by Matt Cutler at Cutlers Real Estate
