- Victoria University sold student flats for $6.05m to help reduce its $33m deficit.
- The properties, deemed not fit for purpose, include a mix of accommodation and office spaces.
- The remaining properties, valued at about $15m, are still on the market or in sale processes.
Victoria University of Wellington has sold off student flats for more than $6 million in a bid to clear its deficit.
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The university had listed two dozen Wellington properties spread over eight titles for sale in September last year after deeming them not fit for purpose.
The vacant properties, which range from move-in-ready student accommodation to dilapidated offices, had a combined value of more than $20m.
Inside one of the homes on Adams Terrace, which had been rented out as student accommodation. Photo / Supplied
The first completed sale was 24-40 Adams Terrace, a student rental block with 43 bedrooms on 1009sqm of land. The property sold for $6.05m in October last year.
Victoria University director of campus operations Simon Johnson confirmed the block was the only completed sale so far, with the other properties either still on the market or partway through the sale process.
OneRoof records also show the December sale of 3 Waiteata Road, a 1930s character building with a CV of $1.66m used by the university as staff offices. It had been pitched to renovators looking to convert it back into a family home. The sale had not settled at the time the university responded to OneRoof’s questions last week.
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The university declined to provide any details about the Adams Terrace sale, or provide any update on the other listed properties, citing “commercial sensitivity”.
Johnson told OneRoof last year that the decision to sell the properties, which the university has owned for at least 13 years, was made in August 2023.
The university had spent the interim period working through the “required processes” to ready the portfolio for sale.
Johnson said the proceeds would be used to reduce the university’s $33m deficit.
A large home on Waiteata Road, in Kelburn, has been updated on OneRoof as having sold in December 2024. Photo / Supplied
Bayleys is still marketing other properties in the portfolio, including a pair of residential rental properties on 3653sqm of land next door to the student block on Adams Terrace. The properties have a combined CV of $5.6m.
Several properties last used as offices for university staff including a villa at 15 Mount Street and an uninhabitable single-bay and double-bay villas at 73 and 75 Fairlie Terrace are still for sale or in the process of being sold.
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