8 William Street, City Centre, Dunedin, Otago, 9016, New Zealand
What an opportunity to secure an obvious renovation project in the heart of the city.
The property consists of four 2-bedroom units, all on their own separate unit titles, and four car parks at the rear of the property, accessed across a neighbouring title. The sale is for all four titles together and separate sales are not available at this time.
The building was constructed in the 1970’s of solid materials and appears in good condition. The upside is in obvious internal refurbishments, with dated fitouts from decades ago. Coupled with individual titles, an upgrade to each unit would add significant genuine value in both rental income and capital value.
Two of the units are currently tenanted, but one leaving soon and the other two are vacant and ready for immediate refurbishment. One has had a new kitchen mostly fitted, but some plumbing work needs finishing off to make this tenantable. The other vacant unit needs a small bathroom leak addressed, and it has been decided this is best to leave as is and allow a new owner to take the direction they prefer; a full renovation or a partial repair.
You have plenty of options, whether partial renovate and re-rent, or full refurbishment and sell down the individual units.
