Buy One, Two or All Three
4 Rata Street, Palmerston North
It’s not too often that we get a complete block of flats that come on the market at the same time. These ones at Flat 1,2 and 3/528 Ferguson Street are situated in a prime central location between Victoria Avenue and Albert Street in Palmerston North. There are three super spacious units in the block and they are each on cross-lease title. As you would realise the benefit of owning a complete block of flats is that by owning all three you have overall control.
The units are I think the most spacious ones I have seen (approx. 110m2) with the main bedroom being huge and the second bedroom still being a good size double. All three units are very well presented and are up to the current healthy homes standard. You can buy them and not have to worry about doing any further improvements unless you choose to. The living areas are spacious and each has a large internal access garage plus room for another car parked in front of the unit if needed. The kitchens and bathrooms are also tidy.
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Each unit is currently rented to excellent tenants and each is currently on a periodic tenancy. If the flats sold to an investor then I believe each of the tenants are happy to stay on. All three tenants keep their places very tidy and look after them. The new RV on each unit is $530,000 and we currently have them advertised as “Offers over $495,000”.
These particular units are currently managed by Watson Real Estate so we have records of any work done, healthy homes info, records of rental income etc. We have managed the properties for the owner for many years.
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