A substantial residential-zoned property for sale in the eastern Christchurch suburb of Bromley is a ready opportunity for investors and developers.
Marketed by Michael Lough, Investment Sales Broker at Colliers Christchurch, 5 Kidbrooke Street is being sold ‘as is, where is’, via deadline private treaty closing Wednesday 7 August.
The site comprises 8,089sq m of flat land and more than 135m of street frontage.
It features a three-bedroom house and 10 units with a kitchen and bathroom.
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There are also three units serviced by a central kitchen and ablution block along with multiple plug-in bus/caravan sites for longer stays.
Professionally managed with short and longer-term tenants, the property provides a combined gross holding income of more than $470,000 per annum.
Some of the tenants have lived on-site for 20 years while other units are used as international worker accommodation.
“This property has immense land development opportunities with scale and a strong holding income. Sitting in a strategic location near to major community amenities, it would be an ideal choice for savvy investors and developers,” Lough says.
“A housing development would work well here on the available bare land whilst retaining the current improvements and income.
“This particular area has always been popular because it’s close to the nearby seaside suburbs without the cost of the real estate in that catchment.”
Situated to the north-eastern side of Linwood Avenue, one of the main arterials linking the city to the eastern suburbs, the property is in easy walking distance to Eastgate Shopping Centre and the new Linwood Christchurch City Council pool, Te Pou Toetoe.
- Supplied by Colliers
