173 King Edward Street
South Dunedin


Property Features

Property ID: 3420630

Building Size
120 m2

Well located freehold property

Well located freehold property with a great mix of commercial and residential. Commercial tenant on ground floor has been on site for many years. Is leased for 3 year term from 21-9-2019 with 2 further ROR of 3 years. Residential lease is fixed term until 14/12/20.

Commercial rental of $14540 pa plus GST and out goings. Residential rental of $15600 pa
Combined Rental $31,600 providing secure cashflow. Modest rents with significant opportunity to increase the residential rent rate. The residential flat was significantly modernized and upgraded. Currently let at a very modest $300 pw (assessed at $350 pw).

Seismic report of 20% NBS and strengthening plan to attain better rating available. On popular main road with huge traffic flows. The property adjoins 2 national banks. With a rental of $31,600 pa at the asking price of $300,00 this property provides a return better than 10% and the flat is underlet . Vendor may consider trading another property to enable a purchaser to buy.

Price $300,000 (plus GST if any)