Kelburn 84 Salamanca Road

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$1,128,000

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Blue-Chip Investment or Home & Income

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BLUE-CHIP INVESTMENT OR HOME & INCOME

Very rarely does a property of this quality, location and heritage come to the market.

Built in 1926 for Charles Wilson (check out the plaque for his pedigree, including a brief stint as an MP), "Harrogate" is two very spacious, purpose built flats (circa 130sqm each, each one being on a separate title), situated above three separate lock-up garages.

INVESTORS... The location really doesn't get any better for an investment property... positioned perfectly in between the cable car, Victoria University and The Terrace, and directly over the road from the Kelburn Park, this location appeals to everybody. You are surely guaranteed a large queue of high quality tenants willing to pay top dollar - in the unlikely event that it ever falls vacant, that is!

HOME & INCOME... Alternatively, you could comfortably live in one of the apartment, with its spacious rooms and wonderful character, while collecting the rent from the other apartment (& garages) to help pay your mortgage. This makes this a very affordable home indeed, in a location that would normally be out of reach of most peoples budgets.

The character features all remain intact, and the property appears to have been very well maintained, whilst still presenting the opportunity to upgrade facilities should you wish. The three garages are a rare advantage in this highly sought after location. To top it off, the rooms are mostly very generous indeed.

DOWNSTAIRS: 130sqm (approx) 2-bed flat currently rented for $440pw (periodic tenancy). UPSTAIRS: 130sqm (approx) 3-bed flat currently woefully under-rented for $540pw (periodic tenancy). 3 x GARAGES: currently rented separately for $50pw each. CURRENT RENT: $1,130pw = $58,760pa. RENTAL APPRAISAL: shows market rents at $580-600pw (downstairs, if utilised as a 3-bed flat) and $780-800pw (upstairs, if utilised as a 4-bed flat). TOTAL MARKET RENTS: $1,510 - $1,580pw (inc garages) = $78,520 - $82,160pa. 2012 RV: $885,000 (total). Rates: $4,774.25pa (total). Gas cooking. Heat pumps.
With location, character and quality on your side, plus significant potential upside in the rental income, this property is a winner on all counts. Quality properties, in quality locations, tend to attract the best tenants, the highest rents, and the strongest capital growth over time. This is the perfect formula for successful property investment.

Contact me (Adam) today for more information, or come to an open home to view, and be ready on tender day. This one could be the jewel in your crown!