Properties in Suva’s dress circle don’t come on the market very often and this family home is now on offer. It has served the family well and it is now time for a new lease of life.
The house has 4 bedrooms and 3 bathrooms along with a variety of rooms that can be adapted to different uses depending on what you require. It is ideal to renovate, restore, modernise, or develop and unleash the full potential as suits you. It currently has an adult tv room with a separate one for children, but you could easily have a home office.
The large section has 2 street frontages, with drive on access from Hutson St currently. If developed into a duplex it is possible for each to have its own direct street access.
The quality of homes in Suva Point is high, the residents being a mix of home owners and rental tenants. The properties command high rentals, and the homes are finished to a high standard. The property being offered has the potential to reach this.
The house has 2 levels with good light and ventilation in the stairwell and landing, keeping the house cool all day. The bedrooms have fans and airconditioning. The original timber floors throughout are in excellent condition. These are supplemented by tiles where appropriate.
The large garden has established trees and flowers and lends itself to family life and events.
Situated close to Suva CBD, supermarkets, cafes, medical, shopping malls, on the ISS bus route, this is the ideal property either as a home or investment. Despite the Covid pandemic, rentals at the upper end of the property market have remained stable, so it is an ideal property to situate yourself in that end of the rental market. The rental potential is estimated to be in the region of $10,000 to $15,000 per month depending on the nature of upgrading and development undertaken.
The property is Crown Lease Residential, with a 99 year lease effective from 1 March 1986, currently 64 years remaining. The annual land lease is currently $560 per annum with the next review schedule for 2016.
The 2019 valuation was $1,900,000. The reserve price is set at $1,600,000.