Options abound for townhouses on sale
Seven purpose-built townhouses in the style of Sydney terrace houses have come to the market for sale with options for owner-occupiers, first-time investors and established investment entities.
Built in 2017 by seasoned developers Quinn Urban, which retained ownership on completion, the Villas on Victoria development is located on a 332-square-metre site at the corner of Karo Drive (State Highway 1) and Victoria Street, Te Aro.
This location effectively borders the suburbs of Mount Cook, Brooklyn and Aro Valley, along with the Cuba Precinct and the CBD.
Quinn Urban collaborated with Pencarrow Construction and Aymac Architects to create townhouses that individually flow over three levels, and were designed specifically to cater to the Wellington residential rental market.
Four of the townhouses have five bedrooms and four bathrooms, and two have five bedrooms and two bathrooms, and all with patios and sunny decks off the living areas. There is one smaller townhouse with three bedrooms and one bathroom, and a deck off the living area.
There are contemporary kitchens, open-plan living with heat pump and DVS systems, full insulation, double glazing, and good storage. All townhouses are fully compliant with the Healthy Homes Standards.
The properties have freehold titles and there is no associated body corporate structure, making for simple home ownership or a straightforward investment proposition.
Three of the townhouses are currently vacant, with the balance having various 12-month tenancies in place.
When fully occupied, the portfolio has annual net income of circa $370,000.
A 28sqm corner ground floor commercial unit is currently vacant and can be included in any sale. It is fully self-contained with an accessible bathroom including shower.
Additionally, a Resource Consent has been sought to install an electronic billboard to the exterior on the Victoria Street profile which would secure ongoing income for a new investor owner.
The dwellings are for sale by tender closing March 13 with offers invited for individual townhouses, several in combination, or as a complete portfolio through Mark Walker and Sarah Lyford, Bayleys
Wellington Commercial.
The pivotal location, quality and functionality of the build, and a sound leasing history underpins the value of the properties, according to Walker.
“The development is at 100% new building standard and a history of strong returns underscores the reliability and attractiveness of this opportunity which could appeal as a relatively passive investment option for a family trust if a professional management company was engaged to handle the rental side of things
“The townhouses have tended to be occupied by working adults and one group has been there since 2017, which is a great endorsement.
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“With a couple of the townhouses currently vacant, it also opens the door for an owner-occupier to get a foot into the city property market.”
Walker said the townhouses low-maintenance and well-designed longevity and practicality.
“The developer ran with relatively compact living spaces and generous bedroom sizes to protect the integrity of the tenancy profile – this is not party central but rather the property has been purpose-designed for young professionals seeking co-share lifestyles.
“The finishes are hard-wearing with polished concrete or marmoleum flooring in the living areas being both functional and good-looking, all bedrooms carpeted and a neutral colour scheme.
“There’s good natural light, the townhouses are warm and secure and the location is prime for those working in the city centre.”
This area is primarily residential and the surrounding properties mainly older large residential properties that have been converted into multi-flat buildings; along with restored heritage buildings that were relocated as part of the Wellington Inner City Bypass project; and new apartment developments.
Victoria and Massey university campuses are within easy walking distance, a Fresh Choice supermarket recently opened nearby, and there’s easy access to the Cuba Street precinct, the Wellington CBD and waterfront precinct. are for