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We are very pleased to bring to the market, 52 Ellice Street, Mt Victoria. Originally built in the late 1800s for the Catholic Archbishop of Wellington, the building was converted from a hostel into 3 residential apartments in 2012. The change of use from commercial to residential triggered a full structural, fire and acoustic upgrade.

Split risk buildings of this quality are very rare.

These 3 apartments deliver multiple income streams and since leasing in 2013 have seen almost no vacancy, demonstrating how exceedingly sought-after Mount Victoria is for young professionals, and buildings of this high caliber are extremely difficult to replace, for both landlords and tenants alike.

This fortuitous opportunity presents:
- Top Apartment: 4 beds - 1 shower & sep WC - indoor/outdoor flow - car park
- Middle Apartment: 4 beds - 2 showers - indoor/outdoor flow - car park
- Bottom Apartment: 5 beds - 2 showers - indoor/outdoor flow - car park
- Total Gross Rent $3,240pw = $168,480pa.
- OPEX (insurance / rates / building WoF) $17,492pa.
- RV $2,030,000
- Total floor area 350sqm.

With borrowing rates at their lowest levels in living memory (widely tipped to ease further), bank deposits in parts of the world offering negative interest rates, huge volatility in equities and continued high demand for quality Wellington rental accommodation, is there a safer asset today than blue chip "bricks and mortar"?

For Sale by Deadline Sale:
- Closes 12pm, Friday 05 June 2020
- At Lowe & Co Realty, 8 Kent The, Wellington
- The vendors reserve the right to sell prior to the deadline

A comprehensive suite of additional information is available on request. BUY NOW BEFORE YIELDS FOLLOW INTEREST RATES!

During Alert Level 2 Lowe & Co Realty will be practicing WorkSafe Guidelines as issued by REINZ. Please contact the agent if you wish to discuss further.

Deadline Sale. Closing 12.00pm, 5 June 2020 at 8 Kent Terrace, Wellington (Unless sold prior)

Additional Features

  • Bedrooms: 13 Bedrooms

  • Bathrooms: 5 Bathrooms

  • Family Room: 3

  • Off-Street Parking: 3

  • Sale Conditions: (Unless Sold Prior)

  • Rates: $8,388.76

Adam Cockburn (Phone 021 409 637)
Adam Cockburn
Brent Gilbert (Phone 027 441 5026)
Brent Gilbert