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We had a fairly substantial amount of Bartercard Trade Dollars to spend and wanted to use most of them in the property market, after some consideration we decided to purchase a property that would provide income - not just long-term capital gain.

- Nikki Barrett
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Wellington - 2 Bedroom Tenanted Apartment


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RegionWellington
Property TypeResidential
Asking Price $400,000
Trade Dollars $50,000
Cash Dollars $350,000
Price Notes
Sold Date24/12/2014
VendorPaul Charlett
021 485 454
paul@investmentproperty.co.nz
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Conditions
 
Your Chance To Own A Brand New Sought After Property

Unit 106
  • Valuation: $400,000​​​​​​
  • Fully rented
  • $1,757 cash flow positive after tax
  • Rented at $460 per week
  • 6% gross yield (7.5% return on cash investment)
  • 54.0m2
  • 2 bedrooms
  • 1 bathroom
The development: Detroit Apartments, 181 Tasman St
  • Brand new and over 100% earthquake code
  • In one of Wellington's most desirable rental areas
  • Located at the southern end of the CBD where the "City Sprawl" is happening
  • Architecturally designed by Novak and Middleton
  • Secure car parking below the complex available separately
  • Courtyard areas with paved walkways, raised garden boxes and mature planting
  • Website: http://detroitapartments.co.nz/
The suburb of Mount Cook stands on the southern fringe of the central city alongside Te Aro
and to the north of Newtown. At the time of the 2006 census it had a population of 4,851 —
an increase of 1,326 people since 2001 due to its proximity to educational facilities and to the
central city. 

Wellington city is limited in growth achievable to the north, so the southern fringes are predicted
to experience significant growth in the foreseeable future.
 
These well-designed and efficient apartments will be highly sought-after as there is very little in
the way of new property in this location.  With a combination of 2 & 3 bedroom units in the
boutique Detroit complex, this development has the formula for long-term rental sustainability.

Designed and built by the same developer who did the Masina and Revolución complexes,
these apartments have been thought out for the long term from a rentability and quality of product
perspective.
 
The property is ideally suited in terms of residential accommodation due to its proximity to the city
centre. It is close to the Massey campus, which is situated off Tasman Street, Wellington Regional
Hospital, the NZ School of Dance and Ballet School and within easy, walking distance to the
increasing Newtown. Shopping Centre including the new Countdown and all the truly wonderful
outdoor amenities of southern Wellington.



For more information please contact Paul on 021 485 454.

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Cameron Owen

09 414 6837