467 Leith St

North Dunedin Otago

670 m²

270 m²

House

Currently for sale - view listing

Overview

Iconic Student Investment

This notorious student flat is in extremely high demand every year. Situated in a prime location, enquiry from prospective tenants will generally start in March of the year prior The house contains 8 good sized bedrooms, plus the infamous turret room, 2 bathrooms and an open plan kitchen / living area. Outside, the tenants enjoy a sunny front yard along with 2 car parks. The 670m2 site allows for up 15 bedrooms (subject to DCC consent) The house sits on leasehold so ground rent is paid to the landowner. Ground rent was confirmed at $51,000 per annum ($981 per week) in December 2025 and will next be reviewed in 2032 (every 7 years). Short term projections are as follows: 2026 (Confirmed): Weekly rent: $2070 Weekly ground rent: $981 Weekly income after ground rent: $1089 2027 (Confirmed): Income: $105,570 Ground Rent: $51,000 = $54,570 Over 12% return for 2027. 2028 (Projection): Income: $117,000 Ground Rent: $51,000 = $66,000 Over 14% return for 2028 While you may not own the land, the yield is basically double what you would expect for an investment in this location and at only $450,000, it's a very intriguing opportunity. Link to 3D tour below: https://my.matterport.com/show/?m=wMnRDJB6bak