Positioned just above the Central Business District at 267 High Street, this turn-key investment offers two spacious three-bedroom flats on a single title. Combining historic character with modern upgrades, this pre-1900s property is tailored for investors seeking immediate cash flow with the option of long-term development upside.
Financial Summary & Yield
- Asking Price: $890,000
- Total Rental Income: $1,280 per week ($640 per flat)
- Gross Yield: 7.5% return
- Tenancy Status: Fixed-term tenancies in place until 31 December 2026
The property is modernized and refurbished to meet the demands of modern tenants, the property requires minimal immediate capital expenditure:
- Structural Upgrades: The roof was completely replaced in 2021, and the electrical wiring has been updated.
- Interior Living: Each flat features modernized kitchens and bathrooms, alongside generous bedroom proportions.
- Sun & Aspect: Large, north-facing living rooms face the street, maximizing natural light and warmth.
- Parking: Highly coveted off-street parking is available, providing rare convenience for an inner-city location.
High Street is a highly desirable rental location catering to both working professionals and mature students who value proximity to the city center.
- Accessibility: Easy walking distance to the CBD, with regular bus services running directly past the property connecting to the top-of-the-hill suburban shopping complex.
- Tenant Versatility: The dual-flat configuration naturally minimizes vacancy risk by appealing to two distinct tenant demographics simultaneously.
For investors looking to maximize their returns there is add-value potential, as the property includes concept plans to construct an extra semi-self contained room at the rear of the site that were not acted on by the current owner. A new owner can pursue the necessary Dunedin City Council resource and building consents to unlock substantial capital value and additional revenue with this extra room, or potentially third single studio dwelling.
Secure a high-performing, turn-key asset with a verified 7.5% return. Contact us today for a full information memorandum.
Send an online enquiry to receive a full Matt Morton & Co Information Memorandum and additional property documentation.
Please contact me for a further discussion or to arrange a viewing appointment once the information has been reviewed.
Please note: the photos and 3D virtual tour are from previous tenancies.
