Block of Flats, Parkside Location
Offers close 4pm, Friday, 18th September, 2020.
Directly opposite Abbett Park, and around 1.5km from Scarborough Beach is a very rare opportunity for astute investors. "The Diamond Tree" is a block of eight, 1 bedroom, 1 bathroom apartments sitting on a quarter acre lot.
Considerable upgrades have been undertaken with 6 of the 8 units being fully renovated in the last few years. Walkways, staircases, balustrades and carports have also been upgraded by the current owners.
On a single title, and offering good holding income, this property is an excellent long-term investment. The location is simply superb - opposite the playing fields of Abbett Park, Scarborough Tennis Club and the Scarborough Sportsmen's Club, and walking or riding distance to the beach and local cafes and restaurants.
The opportunity to strata title individual units would provide more flexibility to sell off part of the holding if desired, and longer-term redevelopment is also an option. The local town planning scheme provides discretion for these non-conforming unit blocks to be redeveloped to the existing density (STCA).
Having only two owners in the last 50 years demonstrates the viability of the property which was one of the late Len Buckridge's "Straight Eight" unit developments throughout the Perth metropolitan area.
• 8 x 1 bedroom, 1 bathroom units over two levels
• Annual gross income around $110,000 p.a.
• Current rent is around $265 per week per unit with potential to improve
• Popular with tenants due to location
• 6 units fully renovated 2 years ago, 1 unit renovated approx. 14 years ago, 1 unit original condition
• Rebuilt carport for 7 vehicles
• Walkways and staircases professionally repaired and waterproofed
• New balustrading
• Laundry block no longer in use - ideal storage room
• 1012sqm lot zoned R40 - currently non-conforming use
• Opportunity to strata title or redevelop
This is an exceptionally rare offering that should appeal to investors for a number of reasons. Please contact Dirk Jooste for further information or to view 76 Deanmore Rd, Scarborough.
Disclaimer - Whilst every care has been taken in the preparation of this advertisement, all information supplied by the seller and the seller's agent is provided in good faith. Prospective purchasers are encouraged to make their own enquiries to satisfy themselves on all pertinent matters