Positioned on one of Kelburn's most sought-after streets, this three-flat investment property delivers immediate income, scale, and future upside in a location that remains one of Wellington's safest long-term bets. With strong historical occupancy and significant rental-growth potential as the student market rebounds, this is a rare chance to secure a proven performer practically on the doorstep of Victoria University.
- Three self-contained flats plus garage and carpad on 675sqm
- 7-bedroom, 3-bedroom, and 1-bedroom flats, all Healthy Homes compliant
- Outstanding city views and classic 1930s character across a very generous 350sqm total floor area
- Reliable heating with a heat pump in each flat
- Two decks plus generous grounds for tenant appeal
- Current total rent $2,375pw in a soft market, with substantial uplift expected as rental demand strengthens (one flat vacant, this assumed most recent rent)
- Simple cosmetic upgrades offer excellent potential to increase income
- Large site with pedestrian access to the lower boundary, possible scope to explore subdivision or further development (due diligence required)
- A blue-chip location directly beside VUW Kelburn campus and an easy walk to the CBD
- Double garage plus single carpad
- 2024 RV $2,170,000 - Rates $1,4493.84pa
- BEO $1,495,000
Tencer Closing 1pm, Wednesday 11th February 2026 at 8 Kent Terrace, Wellington
Make no mistake - there is maintenance required here - but the fundamentals are all in place for a proven performer, that could be the cornerstone of your portfolio for years to come, if you are willing to roll your sleeves up. Ideal for seasoned investors seeking scale, land bankers looking for long-term value, or those wanting a high performing holding in Wellington's tightest rental catchment. Our vendors have owned this property as a blue-chip investment with strong occupancy, but family plans have changed, creating an opportunity for the next owner to step in at an advantageous moment - don't miss the Sunday viewing.
