Just metres from the main bustling shopping precinct, 15 London Street is a substantial period property boasting 11 bedrooms and five bathrooms across multiple dwellings. With additional land available for future development, this property presents a sterling investment opportunity.
The property is a magnet for student tenants given its extreme proximity to the main shopping precinct on George Street merely metres away. Adding to its allure, the University of Otago's esteemed Medical and Dental Schools are just one block away, and the main campus just a short stroll thereafter, promising a steady flow of potential renters.
The property generates a total income of $2,250 per week from fixed Tenancy Agreements running until the end of 2025. There's also a projected additional income of $50 per week for the garage space, which is yet to be leased. With a total projected return of 8% against the asking price, savvy investors will note the attractive returns on offer.
The weatherboard exterior has been meticulously maintained and painted in recent years, ensuring the property retains its classic appeal. As a hot student property in high demand - evidenced by the fact that it was signed up in July 2024 - this investment is primed to yield dividends. Furthermore, the sizable land offers scope for future development, with the potential to expand up to 22 bedrooms, subject to Council consents.
Investors, take note: this is an opportunity to acquire a piece of Dunedin’s vibrant history with a robust income stream and exciting potential for growth.
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