The New Exchange - Historic Character with Exceptional Investment Potential.
Discover a rare and unique opportunity to secure a piece of Wellington's rich history with strong current returns and future development upside.
Built in 1916 known locally as The New Exchange, this charming historic double brick complex comprises six well appointed 2 bedroom units, meticulously renovated in 2018/2019 with great respect for the building's architectural integrity and storied past.
Property Highlights:
SCROLL DOWN FOR FULL DESCRIPTION ON EACH UNIT INCLUDING RENT
- 6 x 2 bedroom units, solid double brick construction
- Renovated in 2018/2019, blending modern comfort with historic charm
- Gated complex with remote access for added security and convenience
- Off street parking for all residents within a secure perimeter
- Common area including undercover BBQ area perfect for tenant enjoyment
- Storage room onsite with supplies for ongoing maintenance and touch-ups
- Fully fenced block on approx. 2,224m² only half currently developed
- Remaining 1,000m² (approximately) of vacant land offers subdivision or development potential (STCA)
- Wal;k through video for each unit available on this site see link
Offering an accessible location, this property presents strong returns, with ample room for growth into the future. The undeveloped portion of the block is fully fenced and cleared, making it a prime candidate for additional dwellings, strata subdivision, or community focused facilities (subject to council approval).
Whether you're a seasoned investor, a developer with vision, or a buyer seeking a low maintenance income generating asset with long-term potential, 53 Maughan Street presents an exceptional and versatile proposition.
Total Land size 2,224M2
Rates $7,018.10
CURRENT RENTAL INCOME - $107,120.00pa
DECEMBER RENTAL INCOME - $112,320.00pa
ALL UNITS WILL BE $360/WEEK BY END OF YEAR
Unit 1
2 Bed - with cupboards, lounge, kitchen, and combined bathroom/laundry
1 x split system plus ceiling fans
1 x parking space & off street parking
RENT - $350/WEEK
LEASE 29/04/25 TO 28/10/25
(RENT INCREASE $360/WEEK OCTOBER 2025)
Unit 2
2 Bed - with cupboards, lounge, separate dining, kitchen, and combined bathroom/laundry
1 x split system plus ceiling fans
1 x parking space & off street parking
RENT - 360/WEEK
LEASE - 17/03/25 TO 16/03/26
Unit 3
2 Bed - with cupboards, lounge, kitchen/dining, and combined bathroom/laundry
2 x split system plus ceiling fans
1 x parking space & off street parking
RENT - $330/WEEK
LEASE - 13/12/24 TO 12/12/25
(INCREASE $360/WEEK DECEMBER 2025)
Unit 4
2 Bed - with cupboards, lounge, kitchen, and combined bathroom/laundry
1 x split system plus ceiling fans
1 x parking space & off street parking
RENT - $330/WEEK
LEASE - 04/11/24 TO 03/02/25
(INCREASE $360/WEEK 15 SEPTEMBER 2025)
Unit 5
2 Bed - with cupboards, lounge, kitchen/dining, and combined bathroom/laundry
2 x split system plus ceiling fans
1 x parking space & off street parking
RENT - $360/WEEK
LEASE - 24/06/25 TO 23/06/26
Unit 6
2 Bed - with cupboards, lounge, kitchen/dining, and combined bathroom/laundry
2 x split system plus ceiling fans
1 x parking space & off street parking
RENT - $330/WEEK
LEASE - 23/08/24 TO 21/02/25
(INCREASE $360/WEEK OCTOBER 2025)
