Apartment
A LARGE CHARACTER APARTMENT WITH HIDDEN VALUE!
Character apartments in Nedlands are almost always on busy roads, such as Stirling Highway, or Broadway, and are in complexes of 6 or more units. Not this one! This character, first floor apartment, is located in a very quiet, leafy residential street, in a building containing just 4 apartments built in 1936.
The spacious apartment has a formal lounge, dining room, sunroom, kitchen, 2 bedrooms, bathroom/laundry, and car port.
Character features include decorative ceilings, wide jarrah floorboards, double hung windows, leadlight doors, picture rails and plate rails.
AND WHERE IS THE HIDDEN VALUE?
The building occupies a 1012sqm block, so the purchase of this apartment would mean the purchase of a quarter share of the land. Recently subdivided blocks in the street of just 145sqm have sold for prices between $600,000 and $750,000.
What’s more, as the zoning of the land is R60, there is potential for further development, with over 500sqm of land situated behind the building. An agreement with the owners of the other 3 apartments could release the value of this under-utilised land, which could be very profitable.
A similar 4 unit character apartment building at 112 Stirling Highway, Nedlands (a very busy street), sold in April 2023 for $3 million, giving some indication of the added value that further development potential provides.
This apartment last sold in 1988, so don't delay, or you might have to wait 36 years for another opportunity.
Read more »
Property Summary
Property Features
