Landlord Building Future Income Stream
Expanding Rental Portfolio Through Building.
Tod Verney is an experienced landlord, owning several rental properties throughout the Auckland region. When changes to the Auckland’s Unitary Plan were introduced, one of Tod’s rental properties suddenly enjoyed significant development potential. This site in Te Atatu Peninsula originally comprised of one four-bedroom home. The Unitary Plan changes meant the land was now classified as a Terraced Housing and Apartment Zone and the single home could be replaced with multiple dwellings.
Tod consulted with Ashcroft Property Development Consultant, Josh Healey. Working through the options for the site, Josh determined that the original house could be replaced with NINE two-bedroom Windsor homes. Two-bedroom homes are a popular Auckland rental option, providing great rental returns especially in this sought-after suburb. This project would see Tod’s rental income, from this one property alone, increase significantly.
This was a sizeable project however there were a number of elements that provided Tod with the confidence to go ahead. The Windsor is an established Ashcroft Homes design. The Ashcroft Homes team have built numerous homes using this exact plan, even winning Gold at the Registered Master Builder House of the Year awards for construction of this exact design. In addition, Ashcroft clients who have built Windsor homes have found the rental yields to be very strong, and the homes easy to let. With Ashcroft’s reputation in the sector, and the offer of a fixed build price and a guaranteed completion date, Tod was also able to secure finance with relative ease.
The construction of all nine homes was completed in October 2021, and Tod was thrilled to have all homes let to quality tenants within the month.
I’ve really enjoyed working with Ashcroft Homes. The team that worked with me were great – really helpful and friendly, and always happy to answer my questions and concerns. It was a big project yet I had absolute confidence Ashcroft would deliver and that they were always working in my best interests. I’d have no hesitation building with Ashcroft again if the opportunity should arise.
Tod Verney
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