A modern one-bedroom unit with sizable warehouse space in the heart of Albany is a chance to secure an opportunity in the Lucas 18 live/work development, built in 2017 and highly desirable for those wanting a superb investment.
The property at Unit D5, 18 Oteha Valley Road Extension in Albany is architecturally designed, with living on the first floor and business use on the ground floor for those wanting to occupy all or rent out each level separately.
NAI Harcourts salesperson Dave Lane says the unit is ideal for an investor or owner-occupier wanting to get a foothold in the property market. “Stylishly designed while offering a practical business solution, this is a property that any owner would be proud to occupy,” he says.
“It is located within the well-established Albany Village, which offers an excellent selection of retail shops including popular eateries, automotive dealers, chemists, hair dressing salons and accommodation.”
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The unit is situated on the northern side of Oteha Valley Road, less than 2km west of the Northern Motorway interchange and close to Westfield Albany and the major bus interchange. It includes two allocated car parks located in front of the unit and shared visitor car-parking is provided within the complex, with the unit being sold with vacant possession.
The property is also located close to many key amenities, including supermarkets, the Albany Mega Centre, Massey University and North Harbour Stadium.
To be auctioned on May 26 unless sold prior, the unit features an approximately 55 sq metres of light-filled apartment above, with high ceilings and a well-equipped kitchen. Open plan in design with a stylish bathroom, the unit includes spiral stairs to the rear ground-level deck.
The ground floor features a functional medium stud-height 52 sq metre warehouse. It is also equipped with a roller door and separate entry door, as well as toilet and rear deck, with two allocated carparks plus visitor parking. The stud height of approximately 3.8 metres offers a host of options, and the warehouse has its own toilet, washtub and separate entry.
General construction consists of concrete wall panels, concrete floors, aluminium weather board system, aluminium window frames and long run roofing. The exterior finish comprises a combination of precast concrete panel, aluminium composite panel and coloured aluminium weather board system.
The apartment has a potential rental return of $500 per week under a residential tenancy, which equates to $26,000 a year including an outgoings cost share of 40%.
The ground floor warehouse has a market commercial rental of around $13,500 per year, plus a commercial tenant would pay an outgoings cost share of 60% – a combined net rental income of around $35,500 per year, taking into consideration the landlord will be paying the 40% outgoings for the residential tenancy which is approximately $3,500 per year.
- Article supplied by NAI Harcourts
