Three incomes within a solid block, freehold property. Located in a sought after lower Queenstown Hill position with ability to generate $119,000+ gross annual return, on a long term rental basis. Also zoned medium density, there's massive potential for short term rental options. Subject to VA consent a selection of these fully self contained units could be ideal for Airbnb style rentals. From 5.7% up to 11.6+% gross returns, depending on how a switched on buyer wishes to set this up.
This is a property that delivers from day one, while still offering flexibility depending on your approach. Continue with the current setup for steady income, or adjust over time to suit your plans. It is a well configured property in a location that continues to see consistent demand.
The upper level includes a 3 bed 2 bath residence and a 1 bed 1 bath unit, while a recently completed 2 bed 1.5 bath unit occupies the lower level. Each tenancy is positioned for privacy and consistent occupancy.
From the upper level, there are good mountain views and some water views toward the southern end of Lake Whakatipu, adding further appeal in this established hillside setting.
A number of key improvements have been completed, with updates to kitchens and most bathrooms, new carpet, and high performance uPVC double glazing across most of the home supporting warmth and efficiency. Updated ceiling insulation and a heat transfer system assist the main residence, with heat pumps and under tile bathroom heating in the lower unit. New exposed aggregate concrete and ample off street parking complete the offering.
There is a clear level of care in how the property has been maintained and improved, providing a solid base for the next owner. Private inspections available with prior notice. A full video walk through is available on request.
