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APARTMENTS 1-14
HOLLOWAY STREET ORMOND For PRIVATE sale
APARTMENTS 1-14
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HOLLOWAY STREET ORMOND
Contents
2
04
INTRODUCTION
06
EXECUTIVE SUMMARY
10
LOCATION
12
PROPERTY PARTICULARS
18
TENANCY DETAILS
20
MARKET SALES ACTIVITY
22
SALE METHOD
Introduction
Aston Commercial are pleased to offer 1-14 / 29 Holloway Street, Ormond for private sale.
This set and forget investment consists of a modern block of 14 townhomes over two levels with secure undercover basement parking in the highly desirable and affluent suburb of Ormond, a mere 12 km’s from Melbourne’s CBD. The total potential income is $285,000 pa with generous tax depreciation benefits available. The apartments are already subdivided into individual titles, so could easily be sold down separately. The property is only 10 years old, so no major works or maintenance required. Sit back and enjoy the steady income spread across multiple tenants, whilst the inevitable growth in both rental and property values the area is sure to provide. Aston Commercial highly recommends this secure investment for your serious consideration.
4
Executive Summary
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APARTMENTS 1-14
HOLLOWAY STREET ORMOND
Modern block of 14 townhomes with secure basement parking.
LOCATION
INCOME
Highly desirable and affluent suburb of Ormond
Combined total Rent of $285,000 pa on a fully leased basis
LAND AREA
ZONING
1,029 sqm*
Neighbourhood Residential Zone – Schedule 1 (NRZ-1)
METHOD OF SALE
TERMS OF SALE
For Private Sale
10% Deposit with the balance payable in 30 - 120 Days *approx.
EXCLUSIVE SELLING AGENTS
6
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
Location 29 Holloway Street, Ormond is well positioned between Koornang Road and Grange Road near the intersection of North Road and surrounded by other affluent suburbs such as Bentleigh, Caulfield South, Murrumbeena and Carnegie. Walking distance to local shopping strip, cafes, shops, restaurants, 10
public transport, schools and parklands.
Retail McDonalds 440m KFC 480m Red Rooster 650m Thirsty Camel 1.9km PET Stock 560m Left Field Cafe 570m Chadstone Shopping Centre 3.2km
Well established in an affluent Melbourne suburb just 12km south-east of the CBD, with immediate access to an extensive public transport network of trains and buses. Ormond Station is just a short stroll and there is easy access to Melbourne’s major road arterials including the Nepean Highway & Monash Freeway.
Education
Parks & Recreation
Transport
Ormond Primary School 1.3km McKinnon Primary 720m Glen Huntly Primary 900m McKinnon Secondary College 2.1km Kilvington Grammar School 700m Monash University Caulfield 2.7km
GESAC 1.8km EE Gunn Reserve 750m Koornang Park 750m Packer Park 750m Lauriston Tennis Club 850m Duncan McKinnon Reserve 1.3km
Ormond Station 740m Nepean Highway 3km Warrigal Road 3.3km Monash Freeway 6.6km
11
Ormond has a median house price of $1,865,000 and a median apartment price of $602,500
Property Particulars
Property Description
Land Dimensions and Area
A modern two storey low-rise complex with secure intercom entry and basement parking. Each apartment features an open plan living/dining area, split system heating/cooling, a modern open plan kitchen with stone benchtops, breakfast bar, stainless steel cooking appliances, dishwashers and gas cooktops. Each unit has individual laundry facilities.
Holloway Street Frontage
20.1 metres*
Rear Boundary
20.2 metres*
Depth
51.2 metres*
Total Land Area:
1,029 square metres*
*approx.
Zoning 8 x 2 storey 2 bedroom units with courtyards & balconies 1 x 1 bedroom apartments with a balcony 5 x studio apartments with either a courtyard or balcony 16 x secure undercover basement car spaces (14 resident & 2 visitor) 14 x storage cages Large private residents garden area
16
The subject property is in Neighbourhood Residential Zone – Schedule 1 (NRZ-1) under the city of Glen Eira planning scheme.
Each apartment is on a separate title, so can be sold down individually.
Suburb Profile
ORMOND VIC 3204
Ormond is a South Eastern suburb of Melbourne, Victoria which is approximately 12 kilometres from the Melbourne Central Business District. It is part of the Glen Eira City Council which has a population of approximately 153,858 as at 2020. Ormond is a high demand market with a median house price of $1,865,000 and a median apartment price of $602,500. The median 2 bedroom unit price is $570,000 and $385,000 for a 1 bedroom unit. Ormond has a median rental yield of $380 per week for a 2 bedroom unit and $270 per week for a 1 bedroom unit. Ormond boasts a median household income of $93,652 and an average age of 20 – 39. Units in Ormond rent on average for $350 PW with a rental yield of 3.0%. Source: realestate.com.au as at 24th February 2022
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The Lifestyles & People of Ormond The lifestyle of a suburb is often influenced by who lives there.
15.6%
16.1%
OLDER COUPLES & FAMILIES
ESTABLISHED COUPLES & FAMILIES
20% INDEPENDENT YOUTH
25
Tenancy Details
The fourteen apartments are leased to individual residential tenants with only 1 being kept vacant for inspections. Historically the property has maintained an almost 100% occupancy rate with minimum vacancy. In recent years the total income has exceeded $285,000 pa and we see no reason it won’t get back to this level in the near future. All outgoings are paid by the landlord.
UNIT
LEASE START
LEASE END
TERM (M)
1
12/4/21
1/3/23
2
currently vacant
$ 20,856
3
8/1/21
1/31/23
17
4
8/14/21
5/13/22
5
7/28/21
6
13
$ 15,382
REVIEW
BOND
10/1/23
$ 1,281
$ 20,856
10/1/22
$ 1,738
9
$ 20,856
2/13/22
$ 1,738
1/27/22
6
$ 22,944
-
$ 1,847
1/25/22
1/24/23
12
$ 20,856
10/1/22
$ 1,738
7
8/11/21
12/10/21
4
$ 21,636
9/11/21
$ 1,803
8
8/14/21
1/13/22
5
$ 20,592
11/13/21
$ 1,716
9
2/22/22
2/21/23
12
$ 20,856
11/1/22
$ 1,738
10
1/25/22
1/24/23
12
$ 16,164
10/1/22
$ 1,347
11
12/2/21
12/1/2
12
$ 14,598
9/1/22
$ 1,216
12
8/7/21
5/6/22
9
$ 14,076
3/7/22
$ 1,173
13
8/11/21
3/10/22
7
$ 15,384
1/11/22
$ 1,282
14
8/9/21
7/8/22
11
$ 13,560
3/9/22
$ 1,130
TOTAL
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RENT PA
$ 258,616
UNIT
TAX YEAR 21/22
RESIDUAL DEPRECIATION
1
$ 4,760
$ 115,385
3
$ 7,845
$ 201,520
4
$ 7,845
$ 201,520
5
$ 7,845
$ 201,520
6
$ 7,845
$ 201,520
7
$ 7,845
$ 201,520
8
$ 7,845
$ 201,520
9
$ 7,845
$ 201,520
10
$ 5,157
$ 126,505
11
$ 5,157
$ 126,505
12
$ 4,760
$ 115,385
13
$ 4,570
$ 110,239
14
$ 4,570
$ 115,385
$ 91,924
$ 2,321,564
TOTAL
OUTGOINGS Council rates
$ 15,437
Water rates
$ 2,154
Land tax
$ 12,818
Insurance
$ 7,718
Total Outgoings
$ 38,127
Fully Leased Income
$ 285,000
Current Income
$ 237,760
Less Outgoings
$ 38,127
Less outgoings
$ 38,127
$ 246,873
$ 199,633
Total Potential Income
27
Floorplans
GROUND LEVEL
UPPER LEVEL
Note: Basement not shown 28
29
Sale Method
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APARTMENTS 1-14
HOLLOWAY STREET ORMOND
METHOD OF SALE
TERMS OF SALE
For Private Sale
10% Deposit with the balance payable in 30-120 days
INSPECTIONS
CONTRACT OF SALE & VENDORS STATEMENT
Strictly by private appointment with the exclusive selling agents.
Available upon request.
EXCLUSIVE SELLING AGENTS
30
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
Each apartment is on its own title, so can be sold down separately.
DISCLAIMER “Materials” refers to any representations, statements, documents, data, statistics, measurements, estimates, figures, calculations, projections, approximates or otherwise stated by Aston Commercial Pty Ltd whether verbally or in writing. The Materials have been collated to assist potential purchasers for advertising and general information only to assist potential purchasers to decide whether to proceed with further investigation in relation to the property or the land. The Materials provided by Aston Commercial does not constitute any offer or contract of sale and is not to be relied upon prior to signing any relevant contract. Any dimensions or measurements of the property or the land (internal and external) are approximates only and should not be relied upon before signing any contract. The potential purchaser must conduct investigations to satisfy themselves that any Materials provided are accurate. Aston Commercial excludes unequivocally all inferred or implied terms, conditions and warranties arising out of the Materials and excludes all liability for loss and damage arising therefrom. *Approximate
