The Southern Tower in the Victoria Street Precinct development on the corner of Ghuznee Street and Victoria Street nears competition, adding more supply to the Wellington rental property market just before the summer rush.
In late October/early November 75 apartments will be available for housing. The tower includes a mix of studios, 1 bedroom, 2 bedrooms with 2 bathrooms, 2 bedrooms with 2 bathrooms; turnkey and 3 bedrooms with 2 bathrooms.
On the assumption that the tower will be 50% owner occupied and 50% owned by investors, approximately 38 apartments will be available to Wellington tenants. Based on the 721 rental properties listed on Trade Me in mid-November last year, the new development will add a 5% increase of supply in the Wellington residential rental property market.
These apartments will likely be snapped up by tenants, as apartments remain in high demand in Wellington, being most popular with young professionals, singles and couples, and with the growing city population this is causing rents for this property type to rise.