467 Leith Street, North Dunedin, Dunedin City

This notorious student flat is in extremely high demand every year. Situated in a prime location, enquiry from prospective tenants will generally start in March of the year priorThe house contains 8 good sized bedrooms, plus the infamous turret room, 2 bathrooms and an open plan kitchen / living area.Outside, the tenants enjoy a sunny front yard along with 2 car parks.The 670m2 site allows for up 15 bedrooms (subject to DCC consent)The house sits on leasehold so ground rent is paid to the landowner.Ground rent was confirmed at $51,000 per annum ($981 per week) in December 2025 and will next be reviewed in 2032 (every 7 years).Short term projections are as follows:2026 (Confirmed):Weekly rent: $2070Weekly ground rent: $981Weekly income after ground rent: $1089 2027 (Confirmed):Income: $105,570Ground Rent: $51,000= $54,570Over 12% return for 2027.2028 (Projection):Income: $117,000Ground Rent: $51,000= $66,000 Over 14% return for 2028 While you may not own the land, the yield is basically double what you would expect for an investment in this location and at only $450,000, it's a very intriguing opportunity.Link to 3D tour below:https://my.matterport.com/show/?m=wMnRDJB6bak