This article is from the Australian Property Journal archive
AN Elwood apartment block comprising 28 titles, with an existing luxury development permit, has sold in one line for $8.83 million.
The property was sold by Danny Clark, Stephen Kelly and Andrew Greenway of Knight Frank via expressions of interest.
The 1,878sqm site at 24 Tennyson Street was sold with a permit for 44 luxury apartments over four levels plus a basement level.
The sale price reflected a 3.64% passing yield, unit rate of $200,682 per sqm and land rate of $4,702 per sqm.
Units within the existing two-level building range from 32sqm to 109sqm for a total building area of 1,456sqm. It offers en estimated fully-let income of $547,560, with potential to renovate or sell-down the individual units, or utilise them for short-term accommodation.
Australian Property Journal
