Apartment blocks high on investors' wish lists
Agents report a big interest in apartment blocks across the country, with demand far outweighing supply.
There are several apartment blocks on the market at the moment, many on the fringes of the Melbourne and Sydney CBDs, and some scattered around the rest of the country.
Manly, New South Wales – $8 million+
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Sitting on Sydney’s northern beaches, this block of art deco apartments is expecting to sell for between $8 and 9 million.
The apartments are situated between the suburb’s -harbour beach and popular surf beach, offering the best of both worlds The blue-chip block covers 730 square metres and its six recently refurbished apartments are fully tenanted, raking in $295,620 a year.
Parkville, Victoria – $95 million+
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Dubbed “Melbourne’s most extraordinary offering”, the Evo Apartment complex is being sold off by the Victorian government after it was bought by the previous administration in late 2013 to make way for the now-shelved East-West Link.
The huge complex includes 175 modern apartments that generate a fully let net income of more than $3 million. It’s in walking distance to the university and medical precincts, parklands and several bars and restaurants.
Tenders for the block are now closed.
Gatton, Queensland – $3.25 million
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This property has 12, two-bedroom apartments – 10 with two bathrooms and two with one bathroom – on a 3300 square metre block in a regional town that is one hour from Brisbane.
The property was built two years ago and is fully tenanted, generating an annual income of $156,000.
East Melbourne, Vic – sold for $6 million
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Located within walking distance of Yarra Park and the iconic MCG, this boutique block across three levels recently sold for $6 million.
Described as a “blue-chip investment opportunity on the door step of the Melbourne CBD”, the 12 fully tenanted apartments will deliver its buyer an annual income of $230,736.
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Sitting on the beachfront in Monterey and boasting stunning views of the ocean, these 24 studio apartments are up for grabs, and come with 11 storerooms and six carparks.
Located opposite Lady Robinson Beach on the western shore of Botany Bay, the whole block returns $393,120 a year.
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This 236-square-metre block features three huge, luxurious apartments taking up an entire floor each, while the ground floor acts as a commercial space.
When fully tenanted, the block returns income from the leases of $163,800.
Situated less than 1 kilometre from the Sydney CBD, the freehold property goes to auction at the end of June.
