City bolthole is top of the town
A North Adelaide apartment became an ideal investment, writes Amy Noonan.
ATOP-FLOOR North Adelaide apartment ended up being a top-shelf investment for Alan and Pamela Schwarz. The Clare couple bought the Stanley St apartment for their children as a city base but ended up renting it out.
‘‘It’s such a great area, between O’connell St and Melbourne St. It’s just a block away to The Store and the Old Lion corner,’’ Mr Schwarz says.
‘‘One of our tenants used to walk into the city for work and, as it’s just around the corner from the Women’s and Children’s Hospital, we had two doctors as tenants.’’
The flat is tenanted to February, 2013, at $430 a week.
The property itself is something special, Mr Schwarz adds.
‘‘It’s solid brick construction in a block that was built to a very high standard in the 1970s,’’ he says.
The flat has three bedrooms and two bathrooms, including an ensuite off the main bedroom.
The apartment is accessed by a lift or stairs and there are two car parks.
The height is an advantage, Mr Schwarz says.
‘‘It’s on the third level, on the top, and that gives a beautiful vantage point looking out to the Hills. It has uninterrupted views of the Hills’ face.’’ he says. ‘‘The windows that face the street are at tree level and that’s really nice, too.’’
Mr Schwarz says the apartment would be an excellent addition to a property portfolio.
‘‘We’re a bit disappointed we’re selling it. It’s got real scope for some significant capital gain with the mining boom really building momentum,’’ he says.