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14-16 May Road, TOORAK

Tamara Gross of Gross Waddell in conjunction with Michael Armstrong from Kay & Burton has sold 14-16 May Road, Toorak.

After attracting enormous interest, the property sold to a private investor for $7,650,000, which reflects a land rate of $8,243 per m2 and a yield of 3.45%.  This sale price represents a rate of $425,000 per apartment.

The property is located behind the Hawksburn Village Shopping centre nearby to Toorak Village.

The property is a three level brick 1960’s apartment complex comprising 18 apartments with 18 undercover car spaces. There are 12 x one (1) bedroom apartments and 6 x two (2) bedroom apartments returning $264,360* per annum.  There is a total land holding of 928sqm.

Tamara Gross of Gross Waddell, commented, “it was a wonderful opportunity to acquire an apartment block on the doorstep of Hawksburn Village in such a prestigious location on a significant landholding”.