This charming building, centrally located in Dunedin, covers 630m2 of a 1518m2 site, housing nine leased apartments and 14 car parks returning over $390,000 annually. The central section has been impressively redeveloped, yielding six stunning apartments featuring solar-boosted hot water, shower heat recovery, and double-glazed argon-filled UPVC windows. The inclusion of the existing substantial beams combined with the poured concrete walls gives the building an air of solid foreverness that you don’t often see in modern construction methods of today. The original backpacker's lodge and two one-bedroom apartments occupy the front, while the rear awaits development.
Originally the Salvation Army Citadel, this historic structure boasts captivating architectural features integrated into the modern redesign, lending a timeless appeal. Situated just 100m from Princes St and two blocks from the Octagon, it offers prime potential for further residential or commercial expansion. The footprint includes parking for 14 vehicles; however, this space could be further developed to maximise your return.
Plans for an additional 20 units within the building, with preliminary designs available, underline its immense development potential. This property presents an opportunity to enhance both cash flow and value.
The vendor is flexible on settlement terms and may consider trading.
