Investor appeal in renovated apartments

AN INVESTOR’S DREAM that returns $3240 a week is for sale in Mount Victoria. The three renovated apartments, at 52 Ellice St, have a total floor area of 350 square metres and fixed tenancies until February 2021.

The property dates to the 1890s but was converted from a boarding house in 2012-13, says Adam Cockburn, of Lowe & Co Realty, who’s marketing it with Brent Gilbert.

‘‘The change of use from commercial to residential triggered a full structural, fire and acoustic upgrade.

‘‘So it has been largely rebuilt as far as we can tell - the quality is extremely good.

‘‘Generous proportions, quality construction and fit-out, plus parking and outdoor living - this is what everyone wants but it’s so hard to find in one package.’’

There are two four-bedroom flats and one with five bedrooms. They are on a 329sqm section with three car parks that could be reconfigured as tandem parks, Cockburn says.

‘‘This is what dreams are made of for investors: multiple income streams, extremely low vacancy, good quality tenants, and a lowmaintenance property that makes management easier.

‘‘The quality on offer here is simply far greater than the vast majority of investment properties that I have ever seen.’’

He points out the vendors report virtually no vacancy since leasing started in 2013.

‘‘The combination of proximity to the city for work plus Te Aro, the town belt and the waterfront for leisure, as well as nice outlook and fantastic afternoon sun, makes Mt Vic extremely sought after by tenants.

‘‘It is perhaps Wellington’s most coveted rental location for tenants, and therefore also for investors looking to purchase a blue chip asset to form the cornerstone of their portfolio.

‘‘This, in turn, makes it very hot property with investors, who want strong demand from good quality tenants, largely flat sites that are easy to maintain, right on the edge of the city.

‘‘And there just isn’t more land being made in locations like this.

‘‘With interest rates at their lowest level in living memory, equities being so incredibly volatile, and central Wellington rentals being a time-tested performer, we believe this extremely rare opportunity will appeal to experienced investors.’’

The property has a deadline sale

ADDRESS: 52 Ellice St, Mount Victoria.

AGENTS: Adam Cockburn, phone 021 409 637 (adam@loweandco. nz) and Brent Gilbert, phone 027 441 5026 (brent@loweandco.nz). VIEWING: Tomorrow, 1pm-1.30pm.

date of June 5 (not sold prior) and a rateable value of $2.030 million.

‘‘But it’s clearly worth well in excess of that,’’ Cockburn says.