Deal Corp's 34 Dandenong apartments for sale in one line

Deal Corp's 34 Dandenong apartments for sale in one line
Staff reporterJune 12, 2017

Deal Corp is selling 34 serviced apartments in one line at its Arkana development at Dandenong with expectations of around $10 million through Savills.

Designed by Hayball architects, Arkana comprises an eight-storey building with serviced apartments, ground floor retail, office accommodation, conferencing and other facilities.

They are fully leased to hotel operator Punt Hill at a total annual income of $723,236.

The apartments are on the market by expressions of interest closing July 5.

The marketing is being handled by Savills' Julian Heatherich, Benson Zhou and Jesse Radisich.

Heatherich said the unique investment offered benefits over a typical apartment investment.

"This offering provides investors with 34 fully furnished apartments leased to the Punt Hill Group at fixed rental costs with annual CPI increases, rent is not linked to occupancy or vacancy, assuring investors of dependable annual gains, returns are well above residential apartment rates and there are depreciation benefits from a modern building," he said.

The lease is on each apartment specifically and was not dependent on group revenues or any other form of pooled income or profit share.

He said owners could use apartments up to 14 days annually.

Zhou said the number of serviced apartments had surged by more than 300 per cent making it the fastest-growing category of tourist accommodation in Melbourne.

 

Editor's Picks

Capital Corporation unveils clubhouse at Lovedale Farm’s championship golf course in the Hunter Valley
Parramatta Metro TOD approved, apartments planned as part of scheme
First look: Carbone targets first home buyers after Amado Windsor redesign
Riverfront living made achievable at The Lennox, Parramatta
Hyecorp doubles-down on Lower North Shore with Celine, Chatswood tower