THE JEWEL OF THE NILE…WELL OF THE HUTT RIVER

Listing Number:  2688
Posting Date:  07 December 2015






 
Price:$320,000
Listing:THE JEWEL OF THE NILE…WELL OF THE HUTT RIVER
Type:Apartment
Category:Purchase Option
Bedrooms:2
Bathrooms:1
Region:Wellington
Site Area:120 m2
Address: Login
Building Area: 
Property Image

Description:

Deadline Sale 5pm Thursday 14th January 2016.

The Jewel of the Nile… ...well of the Hutt River and you'd be stealing it at this price!

Open Home Wednesday, 13th of January at 6pm.

This apartment is the ultimate bachelor pad with polished wooden floors, high ceilings, decking and large windows to show off its vintage as a solid 1950s Ministry of Works building. Tastefully renovated within the past 10 years its still in good condition and is currently configured as 2 large bedrooms and a large study which could easily be converted back into a 3rd bedroom if you wanted further upside. The unit includes a covered carpark and enjoys incredible sun and views of the river from its substantial 20m˛ deck.

The Location is perfect:

• The Westfield mall, public transport, supermarket, cafes and the High St are 2 mins walk away.

• Dudley St is part of a “golden corridor” plan by the council for cafes and foot traffic from Westfield to the river.

• Luxury apartments are being developed 100m away. These will be priced well in excess of this opportunity.

• Saturday markets at the river are only 2-mins walk away.

All these factors bode well for future capital gains (despite being an apartment), especially with the growing popularity and very limited supply of apartments in the Hutt CBD.

The numbers ‘as-is’

$395pw * 52 weeks = $20,540pa

BEO $320,000

Gross Yield 6.4%

Increase the rent / add another bedroom

$450pw x 52 weeks = $23,400

Buy Price $320,000

Gross Yield: 7.3%