The deco block in Foster Street is just a short hop, skip and a jump to Acland Street, the beach, Luna Park as well as being easy reach of transport. The street is a quiet one way street that consists mainly of top quality residential homes and leafy surrounds.
Consisting of 3 x 2 Bedroom apartments and 1 x 1 Bedroom with a study, the property itself has never been subdivided meaning the block had to be sold as one whole. This gives out clients a prime opportunity to sub divide so each unit has its own entity to be sold separately down the track thus enhancing its value.
Each apartment has some fantastic period features and original floorboards that ooze character. The structure of the property is as solid as a rock and presents a further opportunity to enhance its value without significant investment.
The property has been under let for some time so we expect rents to increase to market value upon settlement.
Having a property offering so many lifestyle opportunities on its door step will be highly desirable with top quality tenants and will provide a great re sell value down the track. Its boutique style also will yield great benefits to all parties: The Vendor, tenants and future buyers.
What’s so great about having an entire block of flats in your portfolio is the following:
- Lets you take advantage of Melbourne unbelievable rental shortage
- Allows a higher return as the property has a number of dwellings
- Lets you down sell your asset slowly and to a more competitive market which is individual apartment buyers.
Our client is also looking as having one or possibly two units furnished and used for short term accommodation. The recent hotel room shortage in Melbourne is providing some great returns for those that can think ‘outside the box’ with their rental properties.
The purchase price was $1.63 Million; this we feel is a terrific buy.