Maribyrnong development Tropez two-thirds sold

Maribyrnong development Tropez two-thirds sold
Cassidy KnowltonDecember 8, 2020

A new development in the western Melbourne suburb of Maribyrnong is two-thirds sold three months after marketing began, mostly to investors.

The 27 apartments in the complex comprise three one-bedroom and 24 two-bedroom units, some with one bathroom and some with two. Nine units are left, all with two bedrooms. All 27 have car parks.

One-bedroom units are 51 square metres internally (plus eight-square-metre balconies) and ranged in price from $369,500 to $379,500. Two-bedroom apartments range in size from70 to 83 square metres internally (plus 12-square-metre balconies) and are priced between $475,000 and $535,000.

Avion Properties director Phillip Osmond says the company began marketing the units about three months ago but did not have an official launch date.

Osmond says about 60% or 65% of the sales were to investors and adds that the area has a strong rental market.

“You got Victoria University within walking distance, Highpoint’s only walking distance, and it’s only seven kilometres from the CBD,” he says.

Avion Properties estimates that unit 202, a two-bedroom apartment priced at $480,000, would rent for between $455 and $465 per week. That would secure an investor a gross rental yield of about 5%. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. According to RP Data the indicative gross rental yield for Melton apartments is 5.4%.

Tropez is within the Riviera Estate, which primarily comprises house-and-land packages but also includes several other unit developments.

Osmond says construction will begin in the next two to three weeks and is due to be finished by late 2012.

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