• Recently developed 3,581sqm (more or less) site with 15 townhouses
• Currently returning net income of $426,582 plus GST per annum
• Proximity to schools, hospital and other services
Bayleys are delighted to present to market a high standard, long-term housing asset located at 1018 Plunket Street, Hastings.
Returning an income of $490,688.69 plus GST per annum (approximately $426,582 plus GST net) with annual growth, this fully tenanted asset is currently leased as transitional housing to Te Taiwhenua o Heretaunga.
Developed in 2022, this well-located 3,518sqm site in Stortford Lodge comprises 15 townhouses and 16 common vehicle parks. The balance of the site is well landscaped with lawn areas, plantings, outdoor lighting and terraces.
A five-year lease from October 2022 with two further terms of three years, market rent reviews upon renewals, and annual CPI will provide bankable returns and benefit any portfolio.
The recently acquired resource consent for subdivision into separate unit titles also provides opportunities for diversification.
