A Melbourne based investor has paid $4.75 million on a 3.53 per cent yield to add a practically fully-leased Elwood apartment block to the family super fund at auction.
According to selling agents, Teska Carson’s George Takis, Larry Takis, and Tom Maule the property sold after a marketing campaign attracted a high level of enquiry with three bidders from a strong crowd eventually pushing the price past the vendor’s reserve.
George Takis said the 111 Tennyson Street property was sold subject to lease agreements on seven of the eight apartments with a passing rental income of $167,648 per annum.
Constructed in the 1970s, the three level apartment block comprises a mixture of two and three bedroom apartments, each with its own separate balcony, on a 652 square metre site with 16 metres street frontage.
"The building has an exceptional leasing history with little to no vacancy due to its exceptional external and internal condition, its outstanding position in a sought after suburb, and its close proximity to public transport and numerous bayside lifestyle amenities,’’ Mr Takis said.
The vendor was a local private investor.