LANDBANK IN CENTRAL ROTORUA

Listing Number:  993
Posting Date:  06 May 2008






 
Price:$160,000
Listing:LANDBANK IN CENTRAL ROTORUA
Type:House : Subdivision Potential
Category:Assignment
Bedrooms:2
Bathrooms:1
Region:Bay Of Plenty
Site Area: 
Address: Login
Building Area:1011 m2
Property Image

Description:

Landbank opportunity in up and coming area close to town and the lake. Tidy two bedroom house with its own garage at front a subdividable section. Located next to a reserve.

22 Koutu Rd, Rotorua.

Purchase price: $ 160,000 (includes finders fee)

Rental assessment: $ 190-230 p/w (see comment below)

Rental status: Currently (under) rented at $150.00 to family member

Rates: $1612.87 p.a.

QV Estimate: $174,000 (verbal from Valuer at 180-190k)

Freehold property, on a flat 1011m2 section. There is plenty of space along both sides of house allowing easy development such as relocation of another dwelling or putting in another driveway.

The 2 bedroom house is on the front of the section with its own garage at the rear of the property.

Construction of the house is excellent quality stone cladding over weatherboard. The original weatherboard still exists along the rear wall of the house (between house and garage). The joinery is good quality aluminium and the roof is tile.

The garage and exterior of house are in excellent condition. Good quality fencing exists along all the boundaries.

There is a large kitchen dining area which is in original but tidy condition. It open out into a north facing living area. Heating is via a chippy.
A very large separate laundry also exists and a smaller room off this previously housed the original toilet.

The two bedrooms can accommodate double beds but do not have any inbuilt wardrobes.

Bathroom with toilet, hand-basin and shower. The shower walls are looking like they have had a hard life and this is the only internal part of the house in need of immediate attention.

Tidy condition generally.



Rental Appraisal: This has been given as $190-$200 currently. If improvements were undertaken such as adding wardrobes to bedrooms (couple of hundred dollars each at Bunnings) and modernising the bathroom then rent of $220+ may be possible. Please see the following link: http://www.tenancy.govt.nz/market-rent?Location=Bay%20of%20Plenty%20-%20Rotorua%20-%20Sunnybrook%20/%20Glenholme

The property is within walking distance of the CBD and on a well-serviced bus route. There is recent development taking place around the area. Local shops are 200m away on Koutu Rd.

Rotorua airpost has had resource consent for an international airport with flights from Australia expected from 2009. This is projected to boost tourism and business in the Rororua region.