Broker | Manawatu, Whanganui, Wellington, Wairarapa
The property traded for many years as a motel.
Since mid 2013, the 30 apartment complex have been rented out as residential accommodation.
There are 22 x studios, 2 x one bedroom units, 5 x two bedroom units and a two bedroom home.
The accommodation is a mixture of periodic and fixed term rentals . The weekly rents are from $170 to $250 per week and the house is currently let at $290 per week.
The absentee owner employs a local Real Estate Company to property manage the complex (ie collect the rent/ bond, arrange and pay any repairs, do property inspections and secure new tenants etc) . A new owner has the option of continuing with property management or overseeing the complex themselves.
29 of the apartments are "Unit Titled". In simple terms this means that each apartment has its own title and can be individually owned, however the land is owned by all the apartment owners between them.
Accordingly, a new owner of the complex has the added benefit of being able to sell off individual apartments.This could be to say an existing tenant or other investors. The complex is conveniently split into 3 blocks of apartments so a whole block could be sold off in the future. The complex could even be turned back into a motel .
Very rarely does an investment come with so many options and exit strategies.
Disclaimer: We do not accept responsibility for mis-statement or error contained on this site. Interested persons should rely on their own enquiry. All prices are plus GST if any unless otherwise stated. If the transaction is recognised as a going concern then the sale should be zero rated.
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