The apartment building at 13 York St, Geelong, goes to auction on Friday.
A Geelong multi-storey apartment complex that’s hit the market after the mortgagee took possession offers the chance to land a near-new complex in a fast-growing city without the building costs.
The entire block of six apartments in the strata approved York St development is scheduled to go to auction this Friday with price expectations from $4.6m to $5m.
Planning permission for the development emerged in 2017, which created six subdivided lots containing the modern apartments.
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The complex at Lots 1-6/13 York St includes a combination of between two and four-bedroom apartments offering executive-style living.
The two-storey, four-bedroom penthouse apartments also offer an outdoor terrace surrounding the main living zone and a balcony outside the main bedroom. Windows have double-glazing throughout the development.
The property has secure off-street parking for eight vehicles.
The building is located just off an seven-lane section the main arterial road through central Geelong, offering occupants in upper level residences water views over Corio Bay, with other vantages overlooking the city skyline and Geelong West.
The apartment building is at the edge of central Geelong, close to the waterfront.
The apartments are all leased out, drawing a gross annual income of about $240,000.
The apartment building at 13 York St, Geelong, goes to auction on Friday.
For investors, the fully tenanted development offers a strong, secure gross annual income of more than $240,000.
Colliers Geelong agent Jonathon Lumsden said the property was a secure income-producing asset from multiple and secure income streams.
“Interest has been steady, a mix of local, Melbourne-based and some from interstate,” Mr Lumsden said.
“There is potentially an uplift in those rents, if look to go down the more short-stay accommodation route, rather than with the 12-month lease arrangements.”
The property has a 427sq m landholding and 915sq m floor area with an Activity Centre zoning.
It goes to auction on April 11 at noon.
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