20 Sherborne Street, Saint Albans

About this property

Positioned close to the heart of Christchurch, 20 Sherborne Street presents a compelling investment opportunity, comprising six established flats on a substantial 1,020sqm parcel of land. Located in the well-regarded suburb of St Albans, just moments from the vibrant city centre, the property has been held within the same family for nearly 26 years. The asset has a potential gross annual rent of $137,228 per annum based on full occupancy being maintained under the current rental agreements, our vendors have benefited from a history of high occupancy during their ownership due to its proven appeal to tenants. Three of the flats date from the 1970s and have been upgraded with double glazing, while an additional dwelling was constructed in the 1980's and another two in the1990s. Four of the six units have been tastefully renovated with modern kitchens and bathrooms, and all comply with Healthy Homes standards. The remaining units provide scope for future enhancement. Beyond the immediate income stream, the property sits within Christchurch’s Medium Density Residential zone, offering valuable long-term flexibility. Investors may choose to retain the current configuration for its dependable yield, landbank for future capital growth, or explore redevelopment possibilities as the city continues to evolve. Opportunities of this scale, combining multiple income streams, a generous landholding, and proximity to the CBD are increasingly scarce. For investors seeking a strategic addition to their portfolio in one of New Zealand’s most dynamic urban markets, this is an offering that warrants serious consideration. To download the property file, copy and paste the following link: https://www.propertyfiles.co.nz/property/CHR10369