28-bedroom boarding house
This 28-bedroom boarding house in Central Dunedin has been well maintained and upgrades in recent years have enhanced the property to meet all tenants' requirements. Boasting two kitchens and five bathrooms, the property caters to the tenants needs.
The rental capacity is currently $5,700 per week, and the average occupancy over the past two years is around 90%. The tenants are mainly working professionals and a mixture of students, who have shown a tenancy to stay in the accommodation year and year. It is a very well operated boarding house that exudes an air of calm and stability.
Major works were undertaken several a years ago to the structural elements of the property the resulted in a 70%+ NBS rating for earthquake strengthening. This work also triggered an upgraded to the BWOF compliance schedule, namely the fire systems upgraded, which included fire egress doors, hard-wired smoke alarms and heat sensors in every room. Previous work to the property wiring and the healthy homes standards means this property is in line with modern expectations for a boarding house operation.
The current owners have worked to upgrade many aesthetics within the dwelling, and the tenants have responded with loyalty to the property, making for a stable accommodation environment. The external elements are in good condition, with the exception of some roofing work still required to the front of the building.
Asking Price: $2,000,000 + GST (if any)
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