Uni student residences on the market
Asubstantial block of student accommodation dwellings leased to the University of Waikato are for sale. The enclave of dwellings adjoining each other in Tauranga’s central city fringe suburb of The Avenues comprises eight units, with each dwelling containing between three and nine-bedrooms.
Located at 20A-20H Mayfair St, the block of low-maintenance single level and two-storey residences are exclusively leased to the University of Waikato for student accommodation. Mayfair St is adjacent to Tauranga Harbour and is zoned suburban residential under the Tauranga City Council plan.
The portfolio consists of a trio of three-bedroom units, a pair of fourbedroom units, a five-bedroom unit, a seven-bedroom unit and a ninebedroom unit. The student dwellings range in size from 74sq m to 223sq m, a total of 977sq m..
The collective is leased to the university until 2021 with one further two-year right of renewal — generating annual gross rental of $365,560 per annum inclusive of GST. The leases contain rental review clauses in 2021.
The stratum in freehold block is now being marketed for sale by tender through Bayleys Tauranga, with the tender process closing on March 5. The listing features in Bayleys’ latest
Total Property portfolio magazine. Salespeople Brendon Bradley, and Lynn Bradley said the portfolio was only being sold as complete package, and would not be broken down into smaller parcels.
Brendon Bradley said the purposebuilt units were made of coloursteel cladding and had recently been refurbished. Six of the units are on their own individual titles, with one of the three-bedroom and one of the four-bedroom dwellings sitting on the remaining title.
“The timber-framed units on concrete pads are standalone homes, each with toilet, bathroom and communal dining room/lounge space for the individual residents. The front of the residences have been developed with off-street car parking spaces and landscaped gardens. The rear service area is fenced off from neighbouring properties.”
Combined, the student accommodation portfolio has a 2018 Tauranga City Council rating valuation of $3.875m. The Mayfair St units are operated by a professional property management agency.