Unit for Sale


Price By Negotiation
  • 71 Beds
  • 10 Baths

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Unit for Sale in Gisborne

Massive Cash-Cow + Developers - Gisborne

  • 71 Beds
  • 10 Baths

This property is situated on 16,595m2 freehold park-like grounds incorporating the original "Maternity Wards" from the Gisborne Hospital. Since 2003 the property has provided residential accommodation and has generated a massive rental income that equates to an impressive 12.4% on the asking price. The upside to this property is the future proposed development opportunity for an extra 10 -12 homes on the residue land that is available.
You can choose, either to sit on this gold mine with the whooping cashflow or seize the opportunity and complete the development to gain the capital growth for this unique property.

The complex comprises of 45 rooms and 26 flats:
Memorial Lodge - 22 rooms, plus 1 flat
Sedgewick Lodge - 23 rooms, plus 2 flats
Forrester Flats - 23 flats

Within the complex, there is a manager accommodation for an onsite manager for the absentee investor. The property offers its occupants a secure environment in which to live, with long-term tenancies being the norm, hence, this creating a hassle-free appealing investment. Handy to all local amenities and a short drive to the hub of Gisborne. Asking price $5,800,00 plus GST if any. Contact the listing agents for an information pack...

PLEASE NOTE: Specified floor and land area sizes have been obtained from sources such as RPNZ or Auckland Council (LIM) documents. They have not been measured by the Salesperson or Sue Douglas Property Services Ltd. We recommend you seek your own independent legal advice if these sizes are material to your purchasing decision.

  • Family Room
  • Electric Hot Water
  • Modern Kitchen
  • Separate Dining/Kitchen
  • Open-Plan Dining
  • Separate Bathrooms
  • Separate WCs
  • Separate Shower
  • Separate Lounge/Dining
  • Electric Stove
  • Very Good Interior Condition
  • Off-Street Parking
  • Concrete Base
  • Fully Fenced
  • Concrete Tile Roof
  • Long Run Roof
  • Roughcast Exterior
  • Very Good Exterior Condition
  • Decking
  • Single Storey
  • Level Section Contour
  • Northerly and Easterly Aspects
  • Urban Views
  • City Sewage
  • Town Water
  • Street Frontage
  • Above Ground Level
  • Public Transport Nearby
  • Shops Nearby

See all features

  • Curtains
  • Drapes
  • F/Floor Cover
  • Light Fittings
  • Rangehood
  • Stove
Property ID:



1.6595 ha / 4.1 acres







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