Colliers is excited to be appointed, as sole agent, to market for sale 665 Pioneer Highway in Palmerston North.
Discover a unique investment opportunity with this 37-unit ex-motel complex with over $1,787,000 gross income per annum.
Featuring six standalone two-storey villa buildings, each designed with two studio units, two one-bedroom spiral units, and a spacious family unit, all on their own titles.
In addition, a separate single-level block houses seven one-bedroom units, also unit titled for ease of ownership.
The current owner retains all but two of the villas, which are excluded from the sale.
The complex includes substantial manager’s accommodation, a detached guest laundry, a games room, and a decommissioned pool.
The property is located on the western side of Pioneer Highway, just 1.7 km south of The Square, the bustling centre of Palmerston North.
With established site development and ample amenities, this property offers a prime opportunity for those seeking a high-yielding asset, with potential for value-adding improvements or the option to sell individual units.
The property is available For Sale by Deadline closing Thursday 7 November 2024 at 4pm (unless sold prior).
Contact one of the Colliers team today for further information or to arrange an inspection.
Doug Russell, 027 222 8088, [email protected]
Mike Lough, 021 030 4270, [email protected]
(Note. Floor area, land area and boundary lines are indicative only).
Features:
* Residential zoned land
* Property presents well in good condition
* 37 units and substantial manager accommodation
* Development opportunity
* 205 metre frontage (approx)
* Good mix of accommodation types
* Disbanded body corporate
* Add value opportunity
