4D/508 Queen Street Auckland Central, Auckland City

Original owner to quit Queen Street studio leaving plenty of profit for a clued up cash buyer.

The 508 Queen Street apartments have known remedial issues which will cost the new owner funds to fix.

Take the time to understand these issues in this superbly located complex. Take the time and you will be handsomely rewarded.
This apartment complex will be re-clad and re-mediated over the next year. As the owner, you will have to contribute towards this cost. Estimates range from $50,000 - $80,000 per unit owner. There is already a significant 8 figure sum amount sitting in the body corp accounts to help pay for the project.

Similar sized units in this superb location are selling for $300,000 plus.
Do your sums: purchase price + cost of repair.

While this repair is being organised you will collect the ongoing rental of $355pwk from the sitting tenant.

You will need to purchase using equity in another property or with cash as the main street banks will not provide a mortgage until the work is completed and the final CCC issued (c12-18 months).

Here is an opportunity to leverage a low entry cash position for quick capital gain.

Naturally - a full information pack is available for you to comb through.