Epsom character flats draw investor interest

One of Epsom’s original grand homesteads, now home to seven character investment flats, has been put on the market.

The upcoming sale of the prominent two-storey property on Owens Road is being marketed as a rare opportunity for residential investors and land bankers in one of Auckland’s most sought-after city-fringe locations.

The seven well-appointed one-bedroom flats are fully leased, generating a rental return of approximately $158,600 per annum.

The former homestead spanning some 314 square metres is set within a north-facing freehold landholding of approximately 936 square metres.

The Owens Road property’s appeal for buyers and tenants is heightened by its position in desirable Epsom, within the coveted ‘Double Grammar’ zone for enrolment at Auckland Grammar and Epsom Girls’ Grammar schools.

The land and buildings at 30 Owens Road, Epsom, Auckland, are being offered for sale through Alan Haydock, Damien Bullick and Wei Wei Elder of Bayleys Real Estate.

The property will be sold by way of a tender closing on Tuesday 10 March, unless it is sold earlier.

Haydock, who heads Bayleys’ Auckland Metropolitan Markets team, said the Owens Road site offered buyers a quality bottom-drawer residential investment or strategic Epsom landbank.

The boutique one-bedroom flats generate individual rentals ranging from $380 to $500 per week.

“These seven separately leased residential tenancies provide an attractive split-risk cashflow.

“Each of the flats has a unique character configuration and, while they are tidily presented, they offer new owners the potential to increase the rentals through refurbishment,” said Haydock.

Residential – Mixed Housing Suburban zoning provides further possibilities to maximise the site’s potential.

This designation allows some intensification, generally with two-storey housing in a variety of types, while retaining a suburban built character.

Bullick said the desirable Epsom location was key to the property’s investment appeal.

“The central location, excellent schools, amenities and accessibility drive perennially strong demand for housing in Epsom, and this gives the suburb a proven track record of strong capital growth.

“With the Newmarket retail precinct, Auckland Hospital, the University of Auckland and Epsom’s healthcare hub close at hand, this area is highly coveted by tenants including professionals, students and families, ensuring strong rental demand and yields,” said Bullick.

Elder said convenient transport connections were another vital selling point.

“Positioned near the corner of Owens Road and Gillies Avenue, the address for sale benefits from handy access to key arterial routes including Manukau and Great South roads, enabling easy connections to surrounding suburbs, the motorway network and the city centre.

“The area is also well served by public transport, with regular bus services and nearby rail connections at Newmarket and Grafton,” Elder said.