Six compete for South Yarra strata apartment block sold on 3.6% yield

Not The Block again hopefully!

An investor has paid $2,735,000, on a sharp 3.62% yield, for a fully leased, four level, apartment block at South Yarra in Melbourne’s inner east.

It was sold by Savills Australia.

There were six bidders for the 6-8 Mona Place property.

It comprises a strata-titled block of six, one bedroom, 62 to 68 square metre, apartments on a 323 square metre site zoned General Residential.

The property was sold fully leased to six tenants at a combined rental of $99,072 per annum. Rents for one bedders sit around $330 a week, having been at $130 a week in the mid-1990s.

Jesse Radisich said the marketing campaign had attracted more than 150 enquiries from potential purchasers and 30 personal inspections from local and off-shore investors and self-managed super funds.

There has been a marked deterioration in Sydney metro viewers for the latest series of The Block. Let's just hope this purchase isn't a continuation of the show's lengthening Melbourne residency.