Delivering immediate income with exceptional future upside, this magnificent 2,185 sqm (approx.) landholding presents a remarkable opportunity in a prime position.
Currently home to three apartment blocks collectively housing 16 apartments and 41 bedrooms, each with off-street parking, the property offers strong rental returns alongside outstanding scope to enhance, reposition or redevelop (STCA). An enticing prospect for investors, land bankers or developers alike, the possibilities here are as exciting as they are extensive.
Set amid established leafy gardens, the front building, Kelvin Mansions, is set back from the street and showcases magnificent Arts and Crafts and revival style influences of the interwar period. The three-level block comprises six generous two to three-bedroom apartments, each defined by high ceilings, decorative cornices and ceilings, ornamental detail throughout and spacious living and dining domains with well-appointed kitchens.
At the rear, accessed via Karbarook Avenue, a second modified Interwar building offers four substantial three-bedroom apartments, each enriched by bay windows, decorative cornices and ceilings, original fireplaces and similarly generous proportions.
Centrally positioned and completing the impressive mix of accommodation lies a more contemporary block comprises six spacious two-bedroom apartments with open-plan living.
Moments from Chapel Street, High Street, Glenferrie Road, Hawksburn Village and Prahran Market, and close to trams, buses, Armadale Station, Cabrini Hospital and Monash University's Caulfield campus, this is a rare opportunity to secure a substantial landholding with immediate income and exceptional long-term potential.
