31 Aug 2018

Unit owners clean up after selling entire building

A GROUP of owners made a tidy profit after just five days on the market after banding together to sell their entire building.

The unit owners at 26 Toorak Road in Brisbane blue chip suburb, Hamilton, pooled their resources to sell their complex as an eight bedroom, four bathroom, four car space property.

The four apartments — each with two bedrooms, one bath, and one car space — attracted “massive interest” with the building selling for $1.98 million on August 10 after just five days on the market, according to agents Ranal Charan and Dr Paul Howe of Oxbridge.

All the units had been bought for between $386,500 and $374,500 six years ago, bringing gross profit in at about 28 per cent per apartment.

“Someone came to us and said they wanted to sell their property, as in just their unit. We gave them a price but said maybe approach the other three,” Mr Charan said.

“The other three came up with a benchmark, we took it to market and sold it in five days.”

Interest in such properties was strong, he said.

“It’s a rare gem on one of the best streets and houses very seldom come on the market there.

“Art deco properties have had a resurgence at the moment. They’ve always had good bones. If you buy one of those, renovated or not, you’ve always got good options.”

All the units were about 71 sqm, except for one which had an extra 18 sqm.

The firm was still getting calls from people interested in properties like it, he said.

“There’s a good number of investors, 50-plus age group, looking for somewhere to sink their money.”

CoreLogic records showed all the owners were interstate investors who had previously been happy to set their units in the rental market and see it tick along comfortably.

The unit market has seen some significant adjustment in recent times in terms of pricing given the massive boost in supply in the new unit market in the city.

Four years ago the units had been fetching about $390 a week in rent each, though that figure dropped this year to about $330 a week per unit.

The property has views of the city skyline and is surrounded by some of the most expensive homes in Brisbane.

Originally published as Huge profit after five days on market

SOURCE ; https://www.news.com.au/finance/real-estate/brisbane-qld/unit-owners-clean-up-after-selling-entire-building/news-story/f58bbeec9c918731ceb645a679238182

Share Socially