MINOR DWELL CONSENT GRANTED, POTENTIAL 8.4% YIELD IN MANUKAU

Listing Number:  1630
Posting Date:  11 October 2009






 
Price:$295,000
Listing:MINOR DWELL CONSENT GRANTED, POTENTIAL 8.4% YIELD IN MANUKAU
Type:House : Minor Dwelling Potential
Category:Double Settlement
Bedrooms:3
Bathrooms:1
Region:Auckland
Site Area:90 m2
Address: Login
Building Area:713 m2
Property Image

Description:

This consists of a 3 bedroom existing house, which has been renovated inside and out.
Property size is 713sqm with new carpets, newly painted house, roof and fencing.
Weatherboard exterior, wooden joinery and iron roof.
Existing Double garage.
Currently rented for $310.00 (under-rented for this area and should be raised to $340.00)

Rates: $1018.99 pa

ADDED VALUE:- Multi income
The vendor has current consent, which has been paid for and uplifted from Manukau City Council for a 3 bedroom minor dwelling.

Building must commence before 30 July 2010.
The vendor has a quote to build the minor dwelling for $132,000.00.

Income:
Current rent raised to $340.00
Minor dwelling rent $350.00
TOTAL RENT POTENTIAL $690.00

Existing 3 bd house & double garage $295,000.00
Minor dwelling build $132,000.00
TOTAL COST OF INVESTMENT $427,000.00

YIELD 8.4%

This is a rare opportunity as Manukau City Council have what they call 'red areas' where they are no longer allowing minor dwellings because of strain on services etc. and won't be allowing new consents for minor dwellings for quite some time. This one however is ready to go.

Council advise: Costs to Council once Minor Dwelling is complete is a Development Contribution Fee of only $3149.00 when getting the Code of Compliance.

Excellent location for industry in both East Tamaki and Manukau. Nearby schooling includes Primary, Intermediate and Secondary.
Just a few minutes from the new Highbrook Motorway Junction and Botany Town Centre.

Please contact me as soon as possible if you require further information or you wish to view the property.

Ph: 027 236 8236 or email: rocksound@xtra.co.nz