Prime investment option

TENDERS CLOSE on March 5 for a prime inner-city investment or development opportunity in the heart of Mount Victoria.

The property, at 6 Moncrieff St, comprises four two-bedroom flats on separate titles.

The last time one of the 70-square metre flats was for sale was in 2002.

They’re within a 290 square metre earthquake prone-brick building that has been yellow stickered.

‘‘It was built in 1930 and the flats are in various states of presentation,’’ Adam Cockburn, of Lowe & Co, says.

‘‘The character building will need maintenance and we expect it will appeal to developers or renovators.

‘‘As the owner has until 2027 to remedy the earthquake prone status, we expect the excellent holding income will be welcomed by buyers.’’

Three flats are returning $1515 a week in combined rental, with fixed tenancies; the fourth is vacant.

The potential income is in excess of $2000 a week with cosmetic renovations, Cockburn says.

The flats come with a single garage and three off-street car parks.

‘‘They have generous proportions and high stud height,’’ Cockburn says.

He says their ideal position in a cul-desac at the bottom of Elizabeth St blends a quiet, sunny location with sought-after proximity to the city.

‘‘Mount Victoria is arguably Wellington’s favourite location with investors and tenants, due to the proximity to the city, town belt and the waterfront, as well as the great afternoon sun and character housing, including many large and beautifully presented family homes.

‘‘Properties always enjoy huge demand from quality tenants, and historically, capital growth has been fantastic.

‘‘In my opinion, this is a unique opportunity to secure four spacious flats in an absolutely blue-chip city-fringe location.

‘‘They’re on a nearly flat site that is most probably a future development site, with fantastic holding income in place while the buyer gets their plans organised.’’

The property has a rateable value of $1.49 million and a buyer’s guide above $995,000.