A BLOCK of nine one-bedroom home units for sale at 22 Meriton St, Gladesville, needing some “TLC” presents an excellent opportunity for the right buyer, according to agent Peter Vines from CBRE.
“Given Sydney’s affordability problem apartments like this never sit vacant but they’re definitely going to need work,” Mr Vines said.
“We would be suggesting to buyers that they be prepared to spend some money on the building to make sure they attract top quality tenants and safeguard the future value of their asset.”
“They are an uncomplicated understandable product,” Mr Vines said.
“I personally think that buying something already built you are not taking a risk. You have a quantifiable investment — you already know what the units are worth.”
It is unlikely that the property will be developed because of a low-rise residential zoning, Mr Vines said.
It is on a 519sqm corner site that is a short walk to Victoria Rd buses and the Gladesville shops.
The investor owner of the Gladesville property is also selling a seven-unit block at 14 Joubert St, Hunters Hill.
The two 1950s buildings on a 900sqm corner site have four two-bedroom units and three one-bedroom units.
Agent Toby Silk from CBRE said the property had huge potential and a refurbishment would greatly enhance its capital value.
“These units have been self managed by the owner so it’s a good opportunity to get in a property manager to get a better rental return that will align the rents to the market,” Mr Silk said.
The property is about 100 metres from buses on Gladesville Rd and a village precinct.
The Gladesville and Hunters Hill properties are each on one title so there is also the option to strata and sell individually, subject to council approval.
While the properties have not been given a price guide, Mr Silk noted that a block of four well-maintained two-bedroom home units on strata titles at 18 Joubert St, Hunters Hill, recently sold for $3.75 million.
Both 22 Meriton St, Gladesville and 14 Joubert St, Hunters Hill, go to auction on Tuesday, July 31, at 10.30am.