An opportunity like this is very rare, were all individual owners of an apartment complex agree to sell together at the same time. Individually owned as 8 strata titled free hold apartments and all currently tenanted generating a healthy yield this property gives you the ability to think outside the box. As well as being a great investment land bank opportunity, the prime location of only 500 meters from the Scarborough coast line and a 1,892sqm parcel of land located within MRA's prime development precinct.
Your new purchase positioned in the R80 zoning precinct will have the potential of a 4-storey building height limit OR "potential 6-Storeys if you meet certain design criteria advised by the MRA. Half way between Scarborough Beach road and Brighton road and opposite the Indian Ocean Hotel and White Sands Hotel sites the future proximity possibilities look appealing.
More than just a popular beach on Western Australia's sunset coast, Scarborough is home to a local community who enjoy its unique lifestyle, with the hot tourist destination attracting more than one million visitors a year. With re-configured car parking, general foreshore improvements, better connections and easier beach access planned, why wouldn't you want to experience something special!
Other features include, but are not limited to:
- Experience the planned Sunset Hill, where beachfront boardwalks, picnic shelters, showers and an intergenerational skate park are all in the works.
- Enjoy the future Scarborough Square, home to the Town Square, cafes, restaurants and shops, plus new restroom/change facilities.
- The Clock Tower redevelopment will include an upgraded plaza, landscaping and a future street-based public transport hub.
- The important Beach Hub playing an integral part will boast the redeveloped surf club, restaurants, cafes and kiosks, a swimming pool, lawn area and a children's play area.
- A contemporary and family-friendly all-seasons' destination is the goal of the Master Plan for Scarborough, facilitated by private investment and a development of key sites across the entire project area.
Currently on the property - 8 apartments, 4 ground floor and 4 top floor all with 2 bedrooms, 1 bathroom well maintained units with an average current rental of $2,400 per week or $124,800 per annum approximately. Communal laundry and carports at the rear for 8 cars.
Block dimensions (approx.) -
Front & Rear 20.1m, both sides 94.0m.
Block is level with no registered caveats, covenants or easements with the main sewer line access at the rear of the property and main water access on Hastings Street.
This is an opportunity not to be missed, to find out more contact Gareth Drummond from Realmark Coastal on 0417 969 473 or firstname.lastname@example.org or James Drummond from Peard Scarborough on 0422 043 344 or email@example.com.