Wellington University to sell off over $16m worth of property

Victoria University of Wellington.

By John Gerritsen of RNZ

Victoria University is selling millions of dollars of property to help cover its losses.

The university issued a request for proposals (RFP) for real estate services to sell 24 properties.

Most properties occupied one side of a single street in Wellington’s Aro Valley.

They included 11 student flats and eight sections starting at number 24 Adams Tce and finishing at number 58.

The RFP said three of the flats were unoccupied due to slips and the remainder housed 40 students.

Other properties included in the RFP were two offices at 73 and 75 Fairlie Terrace, another at 15 Mount St, an unoccupied student flat at 3 Waiteata Rd and a section at 49 Rawhiti Tce.

QV information indicated the properties’ combined market value was well over $16 million.

The university told RNZ the money raised from the sale would reduce its $33m deficit.

Affordable student accommodation was in high demand in Wellington but the university said the flats it was selling were no longer suitable for student needs.

“Current student demand is for purpose-built, mid-rise facilities, and these particular student accommodation properties are among our older accommodation stock and require considerable ongoing maintenance,” it said.

The university said the properties listed in its RFP were the only properties it was selling.

- RNZ