A apartment block built in the 1960s on the corner of Onslow Road and Cross Street, Shenton Park, is for sale.
The 2,423 square metre single-owner property is at 40 Onslow Road Shenton Park and was built in 1967. It features 19 one-bedroom units and five two-bedroom units, spread over three storeys, and has a communal laundry area.
Burgess Rawson selling agent Rob Selid said the property presented a great opportunity for refurbishment and strata titling.
“Fringe city properties, in particular, stratatitle units, have become very popular with investors and first home buyers, due to reasonable pricing and proximity to central Perth,” he said.
“This is a very unique offering due to its outstanding location, the number of units in the development, and how well the owners have maintained them over the years.”
Mr Selid said three blocks of ‘60s style flats on Cambridge Street Wembley had recently been renovated and sold as strata title units.
In addition, a block of flats on Bagot Road, Subiaco, is currently undergoing refurbishment and features one-bedroom units on the market from $220,000.
Two years ago, before refurbishment, this 18-unit block sold for $1.63 million.
“Since new town planning schemes were introduced, plot ratios and densities have been lowered,” Mr Selid said.
“Number 40 Onslow Road is zoned as Residential R-80, which means if a developer decided to knock down the existing block and rebuild, less units could be constructed on the site, however they would be more luxurious in nature.”
Subject to council approval, the existing units can be refurbished and sold individually as strata units, he said.
The property will be auctioned on site at 11am on Saturday November 15.
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