Sold
Blue Chip Campus Investment
This property offers an opportunity to secure a blue chip investment in the heart of the campus area. Just minutes' walk from the University and across the road from the Polytechnic.
This modern 7-bedroom, 7-ensuite property is low maintenance, high quality and in a favourite location for university and polytechnic students. Currently the individual tenancies are written to 45 weeks to tie in with the University year, a strong enticement for students, however they are given the right to extend to the end of the year, which most have done in the past. The housing shortage has created strong demand for short term rentals. The tenancies signed for 2021 total $2,580 per week.
The communal areas are modern and tidy with a high quality fit out. The bedrooms are large and bright and well equipped with an extensive chattels list. The property rents well, with many tenants staying multiple years, appealing to mature or senior students, international students and student couples looking for their own space. The boarder closures to international students has not affected this property with domestic tenants jumping on the available rooms for 2021.
The vendor has maintained the property to a high standard with continued improvements over the last seven years, including replacing six of the heat pumps, painting, carpeting when required, a sensor light system in the hallways and the kitchen was renewed a few years ago including new ovens and induction hob cooktops.
The property will be sold exclusive of GST (if any) to allow for the GST requirements of individual tenancies in larger properties, effectively deeming them as boarding houses. The owners are prepared to consider a price reflecting a 5-6% nett return after direct property outgoings have been deducted, excluding GST.
A full Colliers Information Memorandum and additional property documentation including LIM are available on request.
Viewings are by private appointment only with our Broker.
Property Details
3D Walk-Through
Location 129B Forth Street, North Dunedin, Dunedin City, Otago 9016
