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Description: Positioned in the heart of Wellington's CBD, right next door to McDonald's, 82 Maughan Street presents an exceptional opportunity to secure a fully leased multi-unit complex with strong immediate returns and a clear pathway for future value-add.
This is more than just an investment - it's a strategic asset with scale, flexibility and upside already in place.
The property comprises six units in total, including two substantial, fully renovated three-bedroom units at the front and four modern two-bedroom units at the rear. Four of the units were newly constructed, with an occupation certificate issued in January 2024, ensuring modern appeal and minimal ongoing maintenance.
Currently returning $3,280 per week ($170,560 per annum), the complex offers a diverse tenancy mix with both fixed-term leases and periodic tenancies, allowing for both income security and future rental growth.
- Unit 1 (3 bedroom, furnished - utilities & internet included): $1,000 per week - periodic
- Unit 2 (3 bedroom, furnished - utilities & internet included): $680 per week - periodic
- Unit 3 (2 bedroom): $420 per week - fixed term until 29/01/2027
- Unit 4 (2 bedroom): $400 per week - fixed term until 15/09/2026
- Unit 5 (2 bedroom): $420 per week - periodic
- Unit 6 (2 bedroom): $420 per week - periodic
***Units 1 and 2 are leased to the same company and include utilities (power, gas, water and internet), with agreed usage allowances of $250 per quarter per unit, with any excess usage payable by the tenant.
What truly sets this property apart is the approved Development Application for multi-dwelling housing and strata subdivision. With approval already in place, the site is designed to be subdivided into individual lots, providing multiple exit strategies for savvy investors - whether that be strata sell-down, long-term hold, or staged development.
The subdivision design has already been completed, with council-approved plans outlining a five-lot strata configuration across the site. This significantly reduces risk, time and cost for the incoming purchaser.
Set on a substantial parcel of approximately 1,197 sqm, the property also benefits from strong design fundamentals, including energy-efficient construction aligned with NatHERS standards.
Outgoings are well managed, with council rates of $5,672.66 per annum.
Located in a high-demand rental pocket within close proximity to shops, services and major employers, this property continues to perform strongly in a market experiencing ongoing rental shortages.
For investors seeking strong cash flow today, with the ability to unlock additional value tomorrow, opportunities of this calibre are rarely available.
82 Maughan Street is where yield meets future potential.
Disclaimer:
All information contained herein is gathered from third-party sources we deem to be reliable. However, we cannot guarantee its accuracy, and interested persons should rely on their own independent enquiries and not on the information contained herein. Figures and details are subject to change without further notice.
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