Offering an opportunity to break into a tightly held market, this block of apartments in Crawley allows investors to gain a foothold in one of Perth’s most prestigious suburbs.
Mark Hay Realty Group Principal Mark Hay said the intended buyer would be those seeking a commercial return on an investment that has great flexibility, with four titles, six tenancies and the ability to redevelop in the future.
The red-brick facade – reminiscent of the decade the apartments were built in – will welcome you into the complex.
“The complex was built 40 years ago and is an open red-brick style with modern finishings and edges seen during the 80s,” Mr Hay said. “It features studio, two-bedroom and three-bedroom apartments with a combined bathroom and laundry, giving options and flexibility for investors and homeowners alike.
“There are two 30sqm studio apartments, three 69sqm two-bedroom, one bathroom apartments and one 95sqm three-bedroom, one-bathroom apartment.”
Favoured for their simple design, easy upkeep and finishes, each abode has plenty of windows allowing natural light to filter into the apartments, while the open-plan living and kitchen areas highlight just how much internal space is on offer.
Coming fully furnished and tenanted, Mr Hay said the location was the main drawcard, with other factors being the cherry on top.
“It is always fully tenanted because the occupiers love the location to the river, foreshore, Dalkeith and The University of Western Australia (UWA),” he said. “There are views from the site to the river, plus the ability to walk to the UWA campus and the opportunity to own the complex in four different titles.
“Four separate titles allows for flexibility to own the whole complex through different family structures, with the property situated on 683sqm of some of the best-located blue-ribbon land in Crawley.
“There is also undercover parking, which is extremely well kept for its age, and the block of apartments produces $160,000 rent a year.”
Mr Hay said there had been recent sales of a similar nature in Crawley, which showed property investors had an appetite for purchasing a whole block of apartments.
“The property would be suited to those with younger children who might attend UWA over the years,” he said.
“It can also be a prime investment at the same time.
“Sophisticated property investors and part-time property developers will be attracted to this property.”
3 Princess Road, Crawley
Price: Expressions of interest
Agent: Mark Hay Realty Group
Contact: Mark Hay, 0418 953 742