This article is from the Australian Property Journal archive
A LOCAL developer and investor has snapped up an Art Deco strata-titled apartment block in Melbourne from a private syndicate for $4.95 million.
The 458 Victoria Parade property attracted 110 pre-auction enquiries and there were four bidders in the 50 strong crowd, however it failed to sell under the hammer and was eventually sold after the auction by Teska Carson.
The three level building comprises 12 strata one bedroom apartments ranging in size from 65 to 70 sqm. The property occupies a 647 sqm site, zoned General Residential 1 under the City of Melbourne Planning Scheme, has 13 metres frontage to Victoria Parade.
Teska Carson’s Matthew Feld and Michael Ludski said the property was sold subject to a number of existing leases with a potential fully let income of approximately $175,000 p.a. equating to a yield of circa 3.5%
Feld said similar one bedroom apartments were selling for around $400,000 each and added that the price reflected the property’s genuine investment and development credentials.
“This was a truly rare opportunity to acquire an Art Deco apartment block with potential rental upside, the availability to on-sell individual units and the potential to redevelop a substantial allotment of land in the heart of one of Melbourne’s most sought after inner suburbs, at a later date,” Feld said.
Australian Property Journal
