R2 Zoned Development Potential or Nine Unit Rental

This is a rare opportunity to acquire nine units and a piece of land 1920m2 zoned R2 and in such a prime central location.

Circa 1910s this property is set up as nine self-contained spacious units comprising of two two-bedroom and seven one-bedroom units with plenty of off-street parking at the end of a quiet cul de sac.

The units are individually metered with original wiring which will need upgrading. General maintenance will be required to bring the units up to Healthy Homes standards. This is an option should you wish to retain the units rather than redevelop the land.

Being zoned R2 offers a great range of opportunities to an investor looking for a major project and with height restriction up to 12 metres, offers numerous options from single level dwellings to three storey apartments. This is a great opportunity as you seldom find 1920m2 of land Zoned R2 in Timaru.

Six of the nine units are currently tenanted on a periodic basis returning $58,500 approx. per annum. Each unit has fibre connected.

This property is being sold with vacant possession to keep it simple. Settlement will be four months from the date notice is provided to the tenants allowing plenty of notice for the tenants.

Viewing is by appointment only and to be fair to tenants, 48 hours notice is required and to ensure PGG Wrightson abide by Covid Level 2 restrictions.

To be sold as is where is.