Willis St buildings sell for $35m

Last updated 05:00 22/11/2012

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Three Willis St buildings used for student housing and short-stay accommodation are changing hands in a $35 million deal between two international owners.

Education House, at 178-182 Willis St, McKenzies Apartments, at 222 Willis St, and Cumberland House, at 235-237 Willis St, are all marketed under the U Stay urban apartments brand.

The buildings' owner, Sydney-based Ingenia, said it had entered into a conditional deal to sell the buildings to an unnamed American private investment group "that specialises in student accommodation in the United States and internationally".

The deal, which is subject to the buyer confirming finance, was expected to be completed in January.

Refurbishment of the buildings will be completed over the summer holidays ahead of the sale.

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- BusinessDay.co.nz

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