Apartment block in sought after North Melbourne

Teska Carson is marketing a standalone apartment block in the highly sought after North Melbourne on the north-western fringe of Melbourne’s CBD. The property will be auctioned on Friday, November 5 at 1pm. 

Located at 9-11 Haines Street, less than three kilometres from the Melbourne GPO, the property comprises a three storey block of 12 x one bedroom, self-contained, apartments. 

The 590 square metre site is zoned General Residential 1 with 16 metres frontage to Haines Street and rear access via Harris Street to off-street parking. 

As well as quick access to the CBD the location is close to Royal Melbourne Hospital, Royal Children’s Hospital, Royal Park, and Melbourne University and provides easy access to the M2 Freeway (CityLink/Tullamarine) and Flemington Road as well as North Melbourne and Macaulay railway stations and trams.

The property will be sold subject to a current rental of $158,163 with an estimated fully leased income of $188,888 as two units have recently vacated.

According to marketing agents, Teska Carson Directors, Adrian Boutsakis and Michael Taylor, the sale presents a great opportunity to acquire a well-located investment with excellent growth potential. 

``This is a great residential asset in a much sought after city-fringe location with very good prospects based on close proximity to the CBD, hospitals and Melbourne University as well as transport, cafes and restaurants.

``As an apartment asset it would be hard to find a location that offers tenants greater diversity and a level of amenities that only immediate proximity to a CBD can offer, and at an affordable price,’’ Mr Boutsakis said.

Mr Taylor said North Melbourne had long been a sought after city fringe address with a level of demand that continues to drive a flourishing gentrification process including high profile residential and commercial developments.

``As such the property is well placed to benefit from the inevitable growth in capital values as demand for city fringe property increases,’’ Mr Taylor said.

He said the property’s key attributes included:

• A sought after city fringe location;
• Access to every essential residential amenity;
• Easy access to both public and private transport.
• Close proximity to hospitals and Melbourne University; 
• Estimated fully leased income of $188,888; and,
• Both on and off street parking.