Sustainable income streams, with room to grow

This very special property at 117 Rea Rd Tahawai, offers something for just about everyone, but especially those with an eye for what could be a very good investment.

Just 3kms south of Katikati and 18 kms from Tauranga city, this Fee Simple property was originally part of Fantail Lodge, a well-known resort for both national and international visitors to the Bay of Plenty.

What makes it stand out as a real estate investment is that there are three homes on this 3.785ha block of land, and loads of opportunity to create added value.

Enjoying a peaceful rural outlook and beautifully landscaped grounds, two of the homes are two-storeyed and are adjoined. One has three well-sized bedrooms and the other has five. The first floor of the units features an empty floor space measuring about 450sqm, with power and water already connected, as well as working toilet cisterns. A building Code of Compliance was issued in 2000.

Home number three is a separate three bedroom bungalow. All three homes are currently rented out. In excellent condition and fully compliant, they have been issued with healthy homes certificates. They are currently rented out.

Adding to the considerable attractions of this versatile and well sheltered property is an avocado orchard of approximately 1.82ha. The trees were planted four to five years ago and have been very well looked after.

The property is being marketed by Ross Collins of Tall Poppy Real Estate who knows it well, having sold the original lodge about seven years ago.

“It was an interesting property to market and the history behind it was fascinating,” he says. “I sold the entire lodge in two lots to two separate owners.”

Ross says the homes supply excellent rental incomes, with potential to create more.

“The three and five-bedroom homes have a cavernous first floor that could possibly be transformed into one or two more three bedroom rental homes - or maybe even several small units.

“Anyone interested should view the property, and then speak with a designer/builder for advice. But it’s all waiting to happen.”

The property is just a short distance away from all the attractions of historic Katikati, known as New Zealand’s mural town, with town’s shops, schools and services conveniently located. The local community is welcoming and with Tauranga Harbour close by, recreational opportunities abound.