Vaucluse apartment block sells for $10.4 million
A block of nine apartments sold on the weekend following a makeover in Vaucluse for $10.4 million.
The three storey complex at 8 Marne Street has 15 bedrooms.
The selling agent Paton Jamieson advised the 1970s block had undergone a recent transformation so generous depreciation benefits were available.
The whole block on a 576 sqm block was traded in February last year at $7 million, and at $5.75 million in 2015.
It has 3x1 bedroom apartments, plus 6x2 bedroom apartments and 7x single lock-up garages.
When sold last year its gross annual income was put as $251,000 with an estimated market gross income of $288,600 after a rental reversion opportunity to increase rents to market at lease expirations.
It came with a NLA of 513sqm.
The Orcades coplex is located close to the Vaucluse Village in a pet friendly community.
Some apartments had ocean views.
McDonald Industries had been preparing to sell the apartments separately with pricing from $899,000 for the one bedroom apartments and the two bedroom apartments from $1,095,000.
