Glen Huntly block sold on 4.8pc yield
// Thursday, 29 May 2014
A block of units at Glen Huntly in Melbourne's south-east has changed hands for the first time in 25 years, selling for $3,935,000.
Conquest Dowlings sold the property at 123 Grange Rd Glen Huntly, approximately 11km south-east of the city.
Built in the late 1960s, the property comprises 14 one bedroom units of 38 sqm each, on separate strata titles that were sold as whole. Each unit consisting of a kitchen, living room, and bedroom with ensuite bathroom.
The generous land size of 1,012 sqm (approx) also allows for 14 undercover car parks. The property was sold on a fully let basis returning $191,520 pa, representing a yield of 4.8%.
Conquest Dowlings director Luke Conquest said this is the second block of flats sold by the agency in the last 2 months, both sales representing a 4.8% yield.
Last month, Conquest Downlings sold a block of 12 apartments at 15 McKinley Avenue in Malvern, for $4.36 million.
"The sale reiterates the demand from investors and developers for blocks of flats, located close to public transport and major arterials.
"The previous owners had held the investment for 25 years," Conquest said.
Source: Property Review Australia