A two-storey apartment complex in the sought after suburb of South Perth is being offered to the market.
The 24 Norton Street property comprises 12 fully self-contained apartments and onsite parking for 15 vehicles on a 1,338sqm freehold site.
Located in close proximity to Curtin University, the property offers an attractive opportunity for student accommodation.
CBRE’s Matthew Elliott, who has been appointed to sell the property in conjunction with David Kennedy, said the property’s development potential and premium South Perth location would be key selling factors.
“Benefitting from a quiet residential location in close proximity to Curtin University, this property could be easily converted to accommodate over 30 students,” Mr Elliott said.
“Likewise, with a healthy rental income of $130,000 per annum, there is significant investment appeal from buyers looking to capitalise on immediate income return.”
The property has recently undergone extensive interior and exterior refurbishments to include new carpets, bathroom, installation of kitchen facilities, NBN network and recycle air conditioning together with rendering the front façade providing the building with a more fashionable appeal.
Mr Kennedy said: “For the past couple of years, a number of investor/operators have circled South Perth in search of properties suitable for student accommodation, because of its ideal location close to the city, as well as universities, in a safe suburban environment.
“The property also benefits from a high level of surrounding amenity, being in close proximity to the South Perth Library, South Perth Hospital, Wesley College, South Perth Foreshore, Perth Zoo and Royal Perth Golf Club.”
The property is being offered for sale via Private Treaty for $3.5 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
