The recently redeveloped Aberlour Court serviced apartments in East Melbourne has been listed for sale, unlocking a unique opportunity to gain a slice of real estate in one of the city’s most revered areas.
Purchased by local property stalwarts Ian and Luci Ferenbach in 2013, the 1960s apartment complex has undergone a substantial redevelopment to create a 27 unit serviced apartment hotel.
The 1,320 square metre site at 462-468 Victoria Parade features multiple access points and 20 metres’ frontage to Victoria Parade – offering an excellent opportunity to establish a strong investment in the tightly held East Melbourne market.
CBRE’s Mark Wizel, Josh Rutman and Joseph Du Rieu have been exclusively appointed to lead the sale campaign with International Expressions of Interest closing on Friday December 11th at 2pm.
Mr Wizel said the property offered an attractive investment opportunity that was likely to attract strong buyer interest.
“With a goal of providing a high end offering that would allow visitors to Melbourne to ‘live amongst the true locals whilst staying an arm’s length distance to nearby activity centres’, Aberlour Court has been exceptionally well received since opening in early 2015,” Mr Wizel said.
“Flexibility in land holdings is something that is rarely achievable in the current market climate, and we expect Aberlour Court to attract a significant amount of interest from both local and offshore investors as the property truly ticks all the boxes.”
The individually strata titled units provide for a ready-made exit strategy for incoming purchasers, and offers a value-add opportunity to add extra apartments permitable with the addition of an additional level or construction to the rear of the site.
Mr Rutman commented: “Buyer interest for properties with passive income, together with future value-add options, continue to be highly sought after and achieve strong sale results, as evidenced by the recent sale of the Alto Hotel on Bourke in the Melbourne CBD, which reflected an initial yield of circa 4 per cent.”
“East Melbourne is one of Melbourne’s most tightly held and prestigious city fringe locations being home to the state’s finest private hospitals and some of the most exclusive residential addresses.”
“Buyers are quickly recognising that the opportunity to acquire high quality commercial properties and secure funding at 50-year low interest rates could be slowly coming to an end and therefore they are bringing their mandates to buy forward,” Mr Rutman added.
Aberlour Court will be sold subject to a five-year lease term and an annual rental income of $550,000 per annum.