A rare opportunity has become available to purchase an entire block of nine strata-titled apartments in the one and only golden triangle.
The Crawley development is situated on 809sqm of prime land, with individual titles suitable for multiple business or family ownership.
Mark Hay Realty Group Principal Mark Hay said the sought-after area was undergoing a transformation and the higher-density zoning taking place throughout created considerable opportunities.
“This offers a brilliant opportunity for somebody who is going to buy a block of units that they can potentially have some substantial income on. With where rents are going, especially in the low end of the market, it’ll push the cashflow quite swiftly,” he said.
“It also lends itself to short-term style accommodation, being the location that it is.”
In addition to the western suburbs location and individual strata titling, Mr Hay said the main draw was its redevelopment opportunity, which he referred to as “blue sky potential”.
“The intrinsic value is the potential redevelopment is so close to Sir Charles Gairdner Hospital, The University of Western Australia, the city and the golden triangle suburb of Nedlands,” he said.
“The building has been a student paradise for international students as well.
“It’s pretty stock standard – it hasn’t been worked on – so with a bit of minor renovation and a bit of redecorating, you would see some substantial lift in rents.”
Currently, the development has an income of $105,000, which is expected to lift significantly when the moratorium for rental increases expires at the end of March.
“There are some great ideas – I often get family members who want to buy for the kids,” Mr Hay said.
“Other parties could talk about refurbishing and selling off individually – there could be a market for that as well, as there are people that do that for a living.
“But I think the biggest buyers will be people that potentially live in or around the area wanting to buy something, an asset that they can drive by, who understand that it’s got some good holding income in the meantime and some great blue sky potential for redevelopment.”
All nine apartments are one bedroom and one bathroom.
150 Fairway, Crawley
Price: Expressions of interest
Agent: Mark Hay Realty Group
Contact: Mark Hay, 0418 953 742, Veljko Lazovic, 0434 011 879