15 Oct 2023

Victoria University of Wellington to sell off over $16 million worth of student flats, offices and sections

6:22 am on 15 October 2023
Vic Uni sign

Photo: RNZ / Samuel Rillstone

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

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

Most of the 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 Terrace 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 Street, an unoccupied student flat at 3 Waiteata Road and a section at 49 Rawhiti Terrace.

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

The university told RNZ the money raised from the sale would go towards reducing 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.

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