A block of eight units in a 1960s brick character building at 5 Birdwood Crescent, Parnell, is up for sale for the first time in 25 years and is being marketed as an investment property.
"This is an extremely rare blue chip property in the heart of Parnell, says Amy Hain of Bayleys Real Estate Auckland who are offering the property for sale by auction at the agency's 4 Viaduct Harbour Avenue auction rooms at 2pm on Wednesday, November 21, unless it sells prior to that date.
"The block of eight units is driven 100 per cent towards the investment market because it's all about return and the potential to add value to the property," Hain says. "The position and location is superb and the property is currently returning $152,360 gross per annum."
The building comprises eight apartments with a total floor area of about 480sq m. Seven of the apartments are one bedroom, the eighth being a two bedroom apartment. Each apartment has one car park allocation, and additionally one of the apartments has its own garage.
"The property on one freehold title of 743sq m, is positioned on a north facing, elevated site with off-street parking and is just off Parnell Road," Hain says.
"Located within Parnell's dress circle, it has been well maintained by the vendors and has been consistently tenanted over the many years of their ownership."
Hain says the building is one that can be "purchased with confidence in the knowledge that as an investment, it has the potential to increase both its capital value and rental return".