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St Kilda Art Deco flats listed in tight market

Property Markets / Transactions

Australia / Melbourne

Sep 05 2018

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A block of fully refurbished Art Deco style apartments in St Kilda has hit the market as city fringe apartments continue to maintain strong investor and owner-occupier demand with local vacancy at a low 1.5 per cent.   

According to marketing agents, CBRE’s Mark Wizel, Nathan Mufale, Dylan Kilner and Ashley McIntyre, the block of 12 apartments, known as Charnwood Residences, offers prospective purchasers a strong list of investment credentials.  

``The property is in one of the most popular city fringe locations in Melbourne, close to every essential residential amenity and offers the added attraction of being fully refurbished,

``At the same time vacancy is low, demand for apartments continues to grow, and purchasers are sensing now is the right time to get into what has become much more of a buyer’s market.

``That is a compelling list of attributes that has already attracted a high level of pre- marketing interest in this property,’’ Mr Wizel said   

Situated on an 825 square metre site, the 18-20 Charnwood Street property is positioned just six kilometres from Melbourne’s CBD, 200 metres from St Kilda Road and 600 metres from Windsor Train Station.

Mr Mufale said the apartments presented extremely well ensuring that tenants could move in without any further capital expenditure.

``The refurbishment has taken this property to the next level with quality appliances, timber floors, high ceilings and ornate cornices, private outdoor spaces and in some cases, city views, 

``This combination of factors, along with the exceptional location, should underpin investor confidence in the ability to attract future tenants,’’ Mr Mufale said.

He said yields on Melbourne apartment blocks were continuing to compress, and in some cases to sub 4 per cent, especially in prime locations such as Hawthorn East, Windsor, Prahran, Fitzroy, North Melbourne and Elwood.

He said a new benchmark had recently been set with the $3.01 million sale of 37 Paxton Street, Malvern East, on a 1.51 per cent yield.

The property will be sold with vacant possession via an International Expressions of Interest campaign closing Wednesday, October 3 at 3pm.

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