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.
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• 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