BrickX to offer Manly apartment for $87 a 'brick'

BrickX to offer Manly apartment for $87 a 'brick'
BrickX to offer Manly apartment for $87 a 'brick'

Fractional investing platform BrickX has bought its newest property, this time in Manly.

The 4/8 James Street property is a two-bedroom apartment with a deck and courtyard. It is part of a boutique block of four apartments.

BrickX, which divides every property it buys into 10,000 ’Bricks’ and offers them to investors, has initially priced a brick at $87.

Investors may then earn capital returns and monthly net rental income in proportion to the number of Bricks owned. 

This property's selling price was $1.11 million, and it was sold by Clarke & Humel Property, according to RP Data.

It was bought with a 27% gearing.

The apartment last exchanged hands for $855,000 in 2014, according to RP Data. 

Pre-orders open on June 8.

The fintech company, which has Corelogic’s Research head Time Lawless as an advisor, launched two properties in May. 

Both were in Sydney — Darlinghurst and Surry Hills — and were snapped up quickly by investors, according to BrickX.

"The rental market has historically been strong within Manly, which has contributed to ongoing low vacancy rates and high demand from both owner occupiers and investors,” said Lawless.

The estimated net rental yield from the Manly apartment is 1.9%.

The suburb growth rate has been 11.46% per annum over the last 5 years, according to CoreLogic.

Manly has a track record of long-term consistent returns of 6.7% compound per year since 1999, according to APM.

The combined value of all properties -- Sydney and Melbourne -- held by BrickX exceeds $9.5 million.

Tags: 
Manly Brickx

Comments

Be the first one to comment on this article
What would you like to say about this project?