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Bayleys Real Estate Ltd is pleased to offer 11 Mount Street, Auckland Central (all 104 units in one line) for sale by way of Deadline Private Treaty closing at 4pm on Friday 17th June 2022 (unless sold prior).
The 12 level, circa 1791sqm building, known as Scholar Hotel Apartments is made up of 101 residential units and 3 commercial units sitting on 312sqm land and will be sold together, collectively.
Located in the heart of the 'Learning Quarter', the property is in close proximity to The University of Auckland and Auckland University of Technology (AUT) and is well positioned to capitalise from students' accommodation needs.
The ground floor of the property incorporates a commercial retail unit with frontage to Mount Street. The basement level includes a laundry, also for the use of building occupants. Each accommodation floor has a similar design, with five to nine individual units ranging in size from studios to two and three-bedroom hotel-style apartments with bathroom and basic kitchenette facilities.
Originally constructed in 2003, the upper levels of the property are currently part way through construction work to remediate weather-tightness issues. On the lower levels, around 50 accommodation units are operational as serviced apartment accommodation.
Beyond income generated from accommodation units, the retail tenancy is currently generating approximately $47,500 p.a. contract income.
With an offshore based owner, this project is no longer their top priority and they're now motivated to let someone else complete the work and reap the benefit of what is destined to be a spectacular student accommodation or serviced apartment investment.
Features:
• Whole building - 104 short-term / student accommodation focussed units being sold in one line
• Circa 1,791sqm building
• 312sqm site (more or less)
• Significant value upside - upon completion of remedial works
• Prime location for student accommodation - close to universities