As Exclusive Agents, CBRE New Zealand is pleased to present Cumberland House, located at 237 Willis Street, Te Aro, Wellington. This is a rare opportunity to acquire a fully leased investment property with a strong tenant covenant and future add-value potential—an attractive proposition for any astute investor.
Cumberland House is a substantial multi-storey commercial building with a total lettable area of approximately 9,334sqm. The property comprises 227 student accommodation beds across 11 levels, leased to Victoria University of Wellington with over 10 years remaining on the initial 15-year term.
Also included is a secure, multi-level car park with 75 car parks, accessed directly from Victoria Street.
Positioned on a prime 2,606sqm site zoned ‘City Centre Zone', with a 42.5 metre associated height limit, the property enjoys dual street frontages and excellent pedestrian access to the Wellington CBD, retail, hospitality, and public transport. The surrounding area is experiencing strong growth, with completed and upcoming developments enhancing long-term value.
Investment Highlights:
1. Anchor Tenant: Victoria University of Wellington
15-year lease from 1 May 2021 with fixed 1.7% annual rent increases (over 10 years remaining).
2. 100% Leased
Secure income from a fully occupied asset.
3. Seismic Rating
70% NBS (2023).
4. Ground Floor Tenants
Avis Car Rentals (Victoria Street) and Fault Line Gym (Willis Street).
5. Sought-After Asset Class
Strong fundamentals with future upside potential.
6. Total Lettable Area
Approximately 9,334sqm across 11 levels.
7. Secure Car Parking
Two-level structure with 75 car parks, most on monthly leases.
8. Strategic Landholding
2,606sqm of ‘City Centre Zone” with dual frontage and a 42.5 metre associated height limit.
9. Future Add-Value Potential
Located in a high-growth precinct with development upside.
For further information, please contact one of the nominated brokers.
