A deceased estate is seeking the immediate sale of two immaculate apartment complexes in Springfield Road, Christchurch.
The two blocks of six two-bedroom units, spread across 12 separate titles, are fully refurbished and represent an excellent passive investment, says Courtney Doig, Investment Sales Broker at Colliers.
Built in the 1970s, the neighbouring complexes are located at 22 and 28 Springfield Road and will be sold by auction on 7 April.
Earthquake repairs have been completed and both properties are fully insured.
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“All 12 units are leased. They meet all the criteria for an excellent passive investment that will provide strong cashflow with rental upside,” Doig says.
“The location is unrivalled, close to the city and to the many amenities of Merivale, and in the zone of sought-after high schools, while being close to several independent schools.”
The two-storey flats are located on 1391sq m of Residential Medium Density zoned land, with a 40m frontage to Springfield Road.
Doig says the regular shape of the site augurs well for development in the future.
“We have clear instructions from the estate that these units must be sold,” Doig says.
“Seldom do investors have the opportunity to acquire 12 immaculately presented investment multi-block units in one package. Properties like this are tightly held.
"The owners bought one of the blocks and two units within the second block approximately 20 years ago and, encouraged by the cashflow they were receiving, gradually added the units in the second complex as they became available. “
Doig has sold several residential complexes in the vicinity of this one over the past two years, with multi-unit blocks in and near central Christchurch in high demand.
Recent reports show the population of Christchurch’s city centre has finally passed pre-earthquake levels as a result of record home building.
Stats NZ estimates the population within the four avenues to be 8080. This compares with about 5000 in 2013.
One in 10 of all new houses built in Christchurch last year were in the central city.
“In our experience, interest in multi-unit residential blocks on the city fringe, such as Springfield Road, are keenly sought,” Doig says.
“People are recognising the value of living closer to town for both work and leisure.”
- Article supplied by Colliers
