29 Holloway Street, Ormond

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APARTMENTS 1-14

HOLLOWAY STREET ORMOND For PRIVATE sale

APARTMENTS 1-14

29 |

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

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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

24

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

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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