Huge 44-unit Elsternwick block to fetch eight figures
Elsternwick could be set for a new apartment project with a massive block in search for a new owner.
The 3735sqm site at 87 Seymour Rd is tipped to sell for eight figures after it was purchased by the current owners in March, 2016 for just $8.2 million.
The block is home to four blocks of flats and a Victorian period home, and is in the sights of builders and developers.
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CBRE State Director Julian White believes the area is one of the fastest growing in Melbourne and steady growth in house prices could be a factor for the sale.
“Properties like this are pretty rare,” White says.
The property has 44 apartments, divided between four blocks and a Victorian period home.
“There have been a range of investors and builders interested who are looking to refurbish parts and subdivide the land, there are also some developers who are interested in just the land.”
Elsternwick has seen a 53.7% increase in median house prices in the past three years, according to latest CoreLogic figures.
There are 44 apartments in total, which are all occupied and generate revenue of close to $600,000 per annum.
The Victorian home has been internally split into multiple apartments.
“Seymour Rd in Elsternwick is arguably the best street in the area and proximity to Caulfield Hospital, retail on Glen Huntly Rd and Monash University down the road, help drive the occupancy,” White says.
The average rent for the one-bedroom apartments is $1,106 per month; the block also has a coin laundry which supplies an income of $9000 a year.
The block sold for $8.2 million in March, 2016.
The property has always been owned as a private block on a single title and was once White Lodge Retirement Village.
The average rent for the one-bedroom apartments is $1,106 per month; the block also has a coin laundry which supplies an income of $9000 a year.
The property has always been owned as a private block on a single title and was once White Lodge Retirement Village.
This article from the Herald Sun first appeared as “Elsternwick block of land, home to 44 apartments, hits the market”.
