Luxury apartments have investor appeal

TENDERS CLOSE on December 5 for a versatile investment or home-and-multiple incomes opportunity with lovely sea views in Roseneath.

The property, at 75 Maida Vale Rd, combines two- and threebedroom apartments on separate titles, which makes them a flexible investment.

All three could be rented out, an owner-occupier could live in one and use income from the others to pay the mortgage, or one or more of the units could be sold separately.

They occupy a 341-square metre hillside site that overlooks Balaena Bay and out to Shelly Bay and towards Evans Bay.

Each comes with an off-street parking space on a shared car deck, with easy walk-down access.

They all have weatherboard exteriors and are similarly specified with quality kitchens, tiled bathrooms with underfloor heating, and extensive indooroutdoor living.

The vendor bought the property in 2006 when it was a large student flat.

‘‘I could see its potential to be turned into three separate apartments that would draw superior tenants,’’ he says.

‘‘They’ve always been easy to rent because of their quality, views and prime location – they’re just as handy to the city as they are to the airport and the beaches.’’

Two of the apartments have two bedrooms – 75A and 75C – while 75B has three; they range in size from 61sqm to 86sqm.

The 75sqm 75A is on the top level, with the front door opening off a large sheltered deck that the vendor says gets great afternoon sun (it also has a shed for extra storage).

Both bedrooms open to the deck while the light-filled openplan living/dining room has bifolding doors to a larger deck with sea views.

‘‘It’s also sheltered from the prevailing northerly wind,’’ the vendor says.

The well-appointed kitchen has an underbench oven, induction cooktop, rangehood, dishwasher, refrigerator-freezer and breakfast bar.

The bathroom incorporates laundry facilities and has a shower cabinet, vanity and toilet.

The same calibre of chattels and specifications is common to the lower-level apartments, although they both have heat pumps as well.

Neither has as much outdoor living but both have private courtyards.

‘‘This is an unbelievable find,’’ Craig Lowe, of Lowe & Co Realty, says.

‘‘Three luxury apartments on separate titles for sale as a package in this dress-circle suburb won’t come again quickly.

‘‘It will appeal to sophisticated investors looking for the highest quality tenants and the ultimate flexibility when realising any future capital gain.’’

The property has a buyer price guide above $1.95 million.