Block of Apartments, to be auctioned this saturday @ 2pm - $2800000

Description

18- One bedroom beachfront apartments & 30 Square + 3 BR Penthouse The 3-level beachfront apartment complex is being offered for sale by public auction. In demand but seldom found is this apartment block on the beachfront at Chelsea, designed to take full advantage of the seascape from the upstairs open plan spacious living areas opening to the extensive 26m in length undercover patio/balcony area. 18 Avondale is most recognised for its 3 level structure and its multi million dollar views over Port Phillip Bay. The rental yield on these units is excellent with a gross yearly return of $134,000 pa plus the potential to lease the penthouse or retain for personnel use. A review of all rents are currently being processed. (see below rental details) The property is being professionally managed and shows a history of extremely low vacancy. It is also the case that the property could be converted to strata units STCA, therefore enabling the incoming owner to purchase the property as a whole today and progressively sell off individual apartments tomorrow if they wish. There is potential to change the configuration of the building and come up with something more luxurious. It's incredibly rare for this apartment block to go on the market, and this one is in a great location offering stunning bay views, it is a one-off gem. This is a phenomenal site of 1311 sqm approx (35.11m x 37.34m approx) set in a residential 1 zone. This apartment block is rare and unique, and should generate a high level of interest from all levels of investors. Can you imagine the lifestyle that you, or your holiday-making tenants, would have if you could awake each day to the sound of the sea? Sit on the balcony and watch the waves roll in, this absolute beachfront property that offers you the opportunity of a lifetime! Stop dithering about and buy this position that has guaranteed ongoing capital growth ~ you can't make more Beachfront! The market is certainly on the move and what a way to start your portfolio or perhaps adding to your current one. For the investor this property offers a very attractive opportunity. All further tenancy details can be acquired through our office. Walk to the beach, rail and all the shopping and dining you could ever need. Is this your best investment chance? Call you banker and get pre-approval as this location is one of a kind. Lease term overview 18 Avondale Avenue, Chelsea As of Sept 2009 1/18 Avondale periodic $607.00pcm 2/18 Avondale 04/09/09 $628.00pcm 3/18 Avondale periodic $607.00pcm 4/18 Avondale periodic $628.00pcm 5/18 Avondale periodic $607.00pcm 6/18 Avondale periodic $607.00pcm 7/18 Avondale periodic $607.00pcm 8/18 Avondale 08/10/09 $672.00pcm 9/18 Avondale periodic $607.00pcm 10/18 Avondale periodic $628.00pcm 11/18 Avondale 22/07/09 $650.00pcm 12/18 Avondale periodic $607.00pcm 13/18 Avondale periodic $585.00pcm 14/18 Avondale periodic $563.00pcm 15/18 Avondale 17/10/09 $672.00pcm 16/18 Avondale periodic $607.00pcm 17/18 Avondale vacant $607.00pcm (display unit) 18/18 Avondale periodic $607.00pcm The property has been professionally managed by our company for over the last 12 years and shows a history of extremely low vacancy. Proposal to review rents 18 Units @ $155 pw ($145,000pa) Penthouse to lease at $800 pw ($41,600pa) Gross potential $186,000 pa