Harcourts Hobart, on behalf of the University of Tasmania, is offering this outstanding development or investment opportunity situated right in the heart of popular Sandy Bay.
Previously held as long term University of Tasmania accommodation, this is the first time the apartment block is being offered to the market.
A first class location situated on the main thoroughfare accessing Sandy Bay Village within a 2 minute commute, a short walk to the University of Tasmania and the Hobart CBD is only a mere five minutes away. There is public transport directly located at the front of the complex, this makes for a unique, convenient and popular apartment block.
The breakdown of the accommodation consists of the following with the overall site area being a 2,311m2 allotment;
- 10 x two bedroom apartments
- 4 x one bedroom apartments
- 1 x three bedroom apartment
- 1 x bedsit unit
A healthy return has been derived from the above unit configuration over the years and an annual rental income of $224,567 has been achieved.
With this apartment blocks high street appeal and location it would be very suitable as general residential accommodation. Currently all apartments on the block are on one title, but the opportunity is certainly there to strata title the apartments (STCA), this would maximise the value of an already impressive site.
The property is of brick construction with; concrete floors, metal roofing and aluminium window frames, all essentials for ensuring integrity and a low maintenance build quality.
This significant opportunity deserves your attention and is a must for any developer to inspect.
Expressions of Interest closing 1st August 2016 at 5pm.
