3BC/23-31 Hobson Street Auckland Central, Auckland City

Here is a freehold property option in Central Auckland you may not have considered

YOUR VERY OWN CENTRAL CITY CAR PARK.

The perfect storm - The demand for city parking is increasing rapidly due to the booming population of inner-city workers and apartment dwellers. At the same time, the council is trying to herd us all onto public transport. The council has, over the last month, continued with its trend of increasing the parking tariffs in their self-owned parking buildings (it now cots $410per month for a reserved space at their Victoria Street car park building). Further, they are encouraging developers to build residential towers with practically zero allocated parking. For example, currently under construction is the Park Residences (a 1 minute walk away) which will house 275 apartments and less than 25 car parks.

With rents increasing and supply effectively going down What do you think is going to happen to the value of the current car park pool?

THE EQUATION

Rental Received: $65-$70 per week (this figure is ultra conservative, expect to get more)

Less:
Body Corp:TBC
Rates:$ 890.67 pa

That's it. Easy.

If you have $10,000- $20,000 in savings (or can borrow it from grandma) the bank will most likely lend you the remaining required to buy this property. It will be paid off in no time at all and then up the property ladder you go!

PS. If you are one of the thousands of inner-city workers paying month in, month out... Stop it. Buy this. Now. Even better, if your boss pays for your car park get him/her to pay
off an asset for you!

PLEASE BE AWARE: This is a Car park only. It's a Trademe bug that lists it as having one bedroom.