Featured Property

This historic Dunedin property offers the opportunity for a second income

Article by Property Press

On the market for only the second time in 110 years, this notable Dunedin property has enjoyed time as a hospital and University accommodation. See more below

Details

Address: 50 Butts Road Lot 1, Dunedin
Land Size: 1.73 acres
Bedrooms: 14
Bathrooms: 4

Contact details

Contact: Jane Bokser, 027 4736 221 and Colleen Townsend, 027 2265 482
Tender: Closing Thursday 20th June 2019 at 4:00pm
Further listing details here
Ray White Real Estate

This historic Dunedin property is on the market for the second time in 110 years

Opportunities such as this in the University Campus area are becoming an increasingly rare find.

This perfectly positioned property brings two distinctly different chances for you to own either or both:

Lot 1 – Four High Performing Student Flats, Four independent Flats with a total of 14 bedrooms sited on 3906 sqm (+/-) of land

Flat 1 – 3 bedrooms, $390 p/wk, Flat 2 – 5 bedrooms, $575 p/wk,
Flat 3 – 4 bedrooms, $500 p/wk Flat 4 – 2 bedrooms, $300 p/wk.

Total Rental income of $1,765 pwk and $91,780 p.a.
The property has been extensively upgraded, is in tidy condition throughout, and has had a 100% occupancy rate over the past 5 years.

Also Lot 2 -Development Land
An area of 3155 sqm (+/-) of vacant land adjacent to Butts Rd. It is irregular in shape, basically being long and narrow to the south half and widening to the north half.

The property has two resource consents for; the subdivision which will create the property and the second which allows for building 6 units (26 bedrooms on the site)

If the 2GP is finalised, as expected, that would allow for as many as 69 bedrooms, with the zoning being Inner City Residential.

The subdivision is nearly complete and it is expected that the new titles will be issued by mid-June 2019.

Scroll down to take a tour through this home