Profile, Position & Potential
Well presented complex of 538m2 comprising of 3 x 3 bedroom units (A-C) and 2 x 4 bedroom units (D-E). Brilliant main street location. Underlying business 1 zoning provides potential for other options such as retail or office use. Alternatively the property could be redeveloped into a motel (with appropriate council approval), retained as a residential investment property or split up individually (as the property is unit titled). Plenty of options make for a diverse investment property. Due to retirement the owners of the last 10 years have made the decision to sell. Historically this property has generated over $130,000 pa. gross. The two rear units are currently vacant having their earthquake repairs completed. They normally rent for $589 week each and the vendor is prepared to guarantee the rents of these two units until 2 February 2020 at this level, if required.
Lincoln, 21 Gerald Street - ref #S1817
- Offers Invited
- 17 Bedroom/s
- 7 Bathroom/s
- Listing #S1817
- Legal descriptionUNIT 1-5 DP 458674 AU1A - AU5A ON LOT 1 DP 59741 BLK V HALSWELL SD
- CT number 597547-597551
650382 (Supplementary Record Sheet)
- Land area 998m2
- Floor area 538m2
- Land zone Business 1, TC1
- Land value A $146,000, B $101,000, C $101,000, D $140,000, E $140,000 Total: $628,000
- Improvements A $264,000, B $259,000, C $264,000, D $270,000, E $270,000 Total: $1,327,000
- Capital value A $410,000, B $360,000, C $365,000, D $410,000, E $410,000 Total: $1,955,000
- Rates Unit A $2560.35, Unit B $2502.30, Unit C $2508.8, Unit D $2560.35, Unit E $2560.35
- ParkingOff street
- The above information has been supplied by either the vendor* or by outside agencies like CCC, LINZ, Property Guru, etc. Accordingly, Braziers is merely passing over this information as supplied to us. We cannot guarantee its accuracy and reliability as we have not checked, audited, or reviewed the information and all intending purchasers are advised to conduct their own due diligence investigation into this information. To the maximum extent permitted by law Braziers does not accept responsibility to any person for the accuracy or use of the information herein.
- Each unit is well presented with a modern kitchen and rhino carpet downstairs. The front three units have three bedrooms upstairs and the two rear units have one bedroom downstairs and three bedrooms upstairs. There is car parking allocated to each unit.
- Unit A is currently rented for $449pw fixed until 26/01/20, Unit B is rented for $449pw fixed until 26/01/20, Unit C is rented for $439pw fixed until 26/01/20, Unit D is vacant and Unit E is vacant.
- A great central location in the growth town of Lincoln with a favourable spread of risk in terms of tenancies and individual titles. The rear units could be tenanted with commercial tenants subject to council approval or occupied by an owner occupier.
- View Map
To view, call Braziers on 377 7122
Licensed Real Estate Agents
The Real Estate industry recommends that, prior to making an offer on any property, prospective purchasers first seek their own legal advice. Any reference to yield or annual return is shown on a 52 week basis. Third party information from local authorities etc should be checked independently before being relied upon for accuracy.