The right site for students

TENDERS CLOSE on Thursday for a vast investment property near Victoria University in Kelburn.

The six-bedroom house, at 154 Kelburn Pde, is being offered for sale amid unprecedented demand for student accommodation, Matt Thorn, of Lowe & Co Realty, says.

‘‘There’s a window of opportunity for people to buy investment property to capitalise on the massive shortage in Wellington.’’

An experienced property investor himself, he predicts exceptionally high demand for student quarters in January/ February.

‘‘Wellington has a burgeoning student population and I would expect their rents to increase 10-15 per cent next year.’’

The 230-square-metre, weatherboard-and-iron roof house he’s marketing was built in the 1900s and is on an elevated, private 476sqm section with walk-up access and treetop views over Kelburn to the Orongorongos and harbour entrance.

The front door of the eastfacing, two-storey dwelling opens off an entrance porch into a central hall with a high stud, high skirting boards and hall arch. There are four large double-bedrooms with built-in wardrobes on this level and two more double-bedrooms, with their own lounge, upstairs.

The main bedroom has an ensuite and opens to a courtyard and adjacent flat lawn it shares with the spacious living/dining room. The latter adjoins a large kitchen with ample storage and an oven, four-burner hob, rangehood, dishwasher and breakfast bar.

The main bathroom has a tiled bath, shower cabinet, vanity, toilet and polished floorboards.

‘‘The location could scarcely be better for students, as it’s only minutes from the university and Kelburn’s shops and bus stops,’’ Thorn says.

‘‘The vendors live in Tauranga and bought it for their two sons to live in while they went through Victoria University. So it could be a similar scenario for the next owner.’’

The property is returning $1200 a week but he says this could be increased after refurbishment or renovation.

‘‘The house will be sold vacant, so lends itself to some tender loving care and a reconfiguration that potentially could see another bedroom added.

‘‘This would add value to the property and capitalise on its location.

‘‘At the same time, it may appeal to someone wanting a large family home they could restore – it does have some really good Victorian features and is next to a lovely family home.’’

The property has a rateable value of $780,000.