COORPAROO
* 19 APARTMENTS plus office space/common area – Build complete in 2017
* Price $10mil NOT negotiable
* No depreciation has been applied to this property yet
* Currently earning $500,000 PA, all apartments are tenanted and they are all on 12 month leases with various expiry dates.
* Can increase rent by 10 -20% to meet local market
* Can go through Strata title process to sell units individually - 6 month process & ~$25k – All paperwork is ready and part of the sale.
* Very high end finish & well presented
* Stunning City views
* Close to shopping centre & Public Transport.
Unit 305 is the recreational common area. This was converted to an office space during COVID and rented for $200/wk. It is not rented at the moment due to the owner wanting to sell, and also to give the buyer options.
Boutique developments coming to market has been extremely slow because of
- hardly any sites left to develop
- new town plan has new rules including 2 cars for every 2 bed unit
- fire sprinklers after 3rd level
- side and rear setbacks now need to be 6m rather than 3.
Features:
Most bed rooms have walk-in robes with double hanging high mirror cupboards doors
High Ceilings & high Glazing with reverse cycle air con. in living & master bedroom, ceiling fan in 2nd bedroom
All 3 bedroom units have fully ducted air conditioning
All bathrooms have full height tiling with Grohe tapware
Italian Vitrified tiles in kitchen and living rooms and bath rooms
Engineered stone to all kitchens and vanities
Security fly screens to all windows and roller blinds to all windows and doors
All laundries separately ventilated with dryers
Great location with most North facing units having City views
Apartments are close to all amenities including shops, cinemas, etc.
All the paperwork is ready for you to strata and sell these apartments individually.
They currently earn $500,000 per annum.
Sellers want a quick, quiet sale. They want to take the value out of this site in order to invest in another 2 projects they have.
$10M