City bolt­hole is top of the town

A North Ade­laide apart­ment be­came an ideal in­vest­ment, writes Amy Noonan.

The Advertiser - Real Estate - - Apartment -

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.

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