SoldFeb 24, 2026

1/29 Spencer Street, Andersons Bay, Otago

Amount undisclosed

16
12
11
0 m²

Unit

25 days on the market

Sold: Feb 24, 2026

What's around 1/29 Spencer Street

Suburban Investment Opportunity- 12 x Unit Block

Rare opportunities like this don't come around often. Held in the same ownership for 22 years, this exceptional investment property delivers circa $236,000 in gross annual income and offers the stability investors seek. Comprising 12 well-designed units, 8 x one bedroom and 4 x 2 bedroom. The property enjoys low tenancy turnover and a strong base of long-term tenants, attracted by its peaceful atmosphere and sense of community in a quiet suburban street, tucked up a driveway. Architecturally designed and built in 1975 for the Methodist Mission, the complex was purpose-built for quality living. Today, it continues to attract quiet, respectful tenants, predominantly older residents who value privacy, sunshine, and a calm lifestyle. Set on a generous 2,822 flat site, the property offers easy access to all units, 9 off-street car parks, and future potential to add more parking if required. Located in a highly sought-after suburb, this is an investment where one and two bedroom units are always in demand, especially in a quiet, community-focused setting like this. All units are Healthy Homes compliant and well maintained with excellent natural light throughout. This is a rare, tightly held asset offering strong returns, proven longevity, and future upside. Secure a premium investment with income, stability, and long-term appeal and be only the third owner in 50 years. Please do not enter the property without the agent please contact the agent to arrange a time to view. Unless sold prior by private treaty.

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Seller's review

3 months ago

Thoroughly professional, engaging, hardworking, trustworthy, humorous, and a joy to work with.

Pam demonstrated excellence in the following personal abilities and attributes: *establishing trust and confidence, *communicating openly, *building working relationships, *organising efficiently, *negotiating keenly while still retaining rapport with purchasers, *engaging with humour appropriately, *being totally professional, and working extremely hard. From a marketing perspective, Pam established a very effective and successful strategy. This resulted in 62 requests for information packs, and ultimately a cash sale with no conditions, - this speaks for itself. Pam has a good knowledge base of the market and trends within it, and we had a lot of confidence in her ability to get a good result for us. We would highly recommend Pam to any other vendors!! We thoroughly enjoyed working with Pam and are very pleased with the result she achieved.

J
John & Angela Ware
Seller

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