Residential complex in one of Perth’s most desirable residential locations for sale

7 June 2023

A secure residential complex in Applecross, 10 kilometres south of the Perth CBD, is up for sale.

The property at 65 Alness Street consists of a fully-leased seven-villa complex on a large 2,176sqm land holding.

It is being sold by Aspen Group via an Offers to Purchase campaign run by Tony Delich of Knight Frank and Alastair Baird-Murray of Mack Hall Real Estate.

The single-storey villas in the complex are not strata titled, but currently on one title for ease of management.

They have three bedrooms and one bathroom with 107sqm of living area and a 5 sqm storeroom, along with a private courtyard. Most have a double carport.

The fully-leased gross income for the complex is approximately $186,420 per annum with an estimated net income of approximately $123,660.

Mr Delich said the property offered a great investment for buyers, with the opportunity for future upside.

“The overall property is well maintained and offers buyers the option to strata title the complex and sell individual villas, subject to normal planning approvals,” he said.

“Buyers can also capitalise on the almost zero vacancy within the Perth rental market alongside a strong WA economy and budget surplus.

“We believe there is scope to increase rentals upon lease expiry given the tight rental market.”

Others may enjoy the holding income with a view to increasing density on the site at a future time, subject to approvals, or appreciate as a superfund investment.

Mr Baird-Murray said the residential complex was in a fantastic location within the prestigious Applecross/Ardross precinct.

“It is in one of Perth’s most desirable residential locations, with strong surrounding amenities including schools, cafés, restaurants and nearby Garden City Booragoon.

“This site is approximately 600 metres from the Mount Pleasant Woolworths shopping centre and close to Risely Street commercial precinct with many cafés, restaurants and other retail facilities.

“It also has convenient transport links via bus, trains at Canning Bridge, freeway network and easy access to Fremantle via Canning Highway.”

The Offers to Purchase campaign for the property will close at 3pm (WST) on Wednesday, 28 June (unless sold prior).