Bayleys Real Estate Ltd
Residential
Commercial
Rural
Property Services
News and Editorial
Auctions

Te Aro

237 Willis Street, Te Aro, Wellington

Watchlist
Share
Video
Property files
2,606sqm Land area SQM
9,334sqm Floor area
69 Offstreet
Video
Video
Property files
Video

Invest with confidence - long lease to Vic Uni


Cumberland House is a substantial fully leased investment enjoying two street frontages anchored by a 15 year lease to Victoria University.

The building was converted to a 277 bed student accommodation complex over 10 years ago and VUW have been in occupation since then. They renewed their lease for 15 years in 2021, confirming the solid demand for accommodation in this location. In addition, a second building fronting Victoria Street contains 69 carparks over several levels and also provides a platform for further add value given the generous minimum height limit of 27 metres.

Fully leased with Avis and Hangdog as additional tenants, the current net income is $2,193,284 pa. With a well established anchor tenant in VUW, a large site area of 2,606sqm with two frontages and further add value, the property will continue to be a proven performer.

To obtain copies of all supplementary documents please register your details at
https://www.propertyfiles.co.nz/property/cumberlandhouse

• 15 & 7 year leases to Victoria University and Avis, respectively - net income $2,193,284pa + GST
• 227 bed student accommodation complex over 11 levels plus 69 carparks
• Substantial property with two frontages and further add value
• 70% NBS (2023) - 2,606sqm site

For Sale by Negotiation
Grant Young

Grant Young

Chief Operating Officer

Capital Commercial 2013 Ltd, Bayleys,
Licensed under the REA Act 2008
Fraser Press

Fraser Press

Commercial, Industrial and Retail Sales and Leasing

Capital Commercial 2013 Ltd, Bayleys,
Licensed under the REA Act 2008
Mark Walker

Mark Walker

Commercial and Industrial Sales and Leasing

Capital Commercial 2013 Ltd, Bayleys,
Licensed under the REA Act 2008

Features

Lease


15 year lease to Victoria University

Seismic (NBS rating)


70% NBS - recent DSA assessment

Passing income


$2,193,284pa net

Anchor tenants


Victoria University & Avis

Have your questions answered

Our agents are experts on all things in the property market, if you haven't found what you're looking for, please enquire with the listing agent now to have all of your property questions answered.

Request more information

Contact us and have your questions answered.

Property files

Use the download button below to view all available documents for this property.