Energetic investor snaps up tired Glenroy apartments
Four energetic bidders pushed the selling price of a tired Glenroy apartment building a whopping $115,000 beyond reserve at the weekend.
The building at 1-10/37 Trevannion St was snapped up by a local investor for $1.165 million on April 6.
It contains 10 one-bedroom apartments that are ripe for renovation.
RELATED: Oak Park ultra-modern showpiece smashes suburb price record
Oak Park sensation poised to smash price record
Greenvale party pad sets new benchmark
Raine & Horne’s Wajee Yamak said the property was priced from $1-$1.1 million and attracted strong interest because of its rarity and potential.
“It was a great opportunity for investors to secure an apartment building in a great location,” he said.
“A property like this doesn’t come up very often in thriving Glenroy.”
The former housing commission flats had serviced the community for more than 40 years and were now decommissioned.
Each flat includes an open-plan living area, one bedroom, a kitchen, laundry, bathroom, balcony and a parking space.
The corner 981sq m block is in a residential zone between Jacana train station and Glenroy’s shopping hub.
“The property is also suited to redevelopment, subject to council approval,” Mr Yamak said.
The buyer planned to restore the property and lease out the apartments.
Mr Yamak said there was strong demand for rental apartments in Glenroy.
“These one-bedders can each bring in about $250-$280 a week,” he said.
CoreLogic records show the median price for units in Glenroy increased by 2.5 per cent to $512,650 in the year to December.
The median price for houses fell 0.6 per cent to $709,000 in the same period.
SUBURB PROFILE: GLENROY
MORE: ‘Funky’ Greenvale house raises the bar
Irresistible offer too good to refuse in Greenvale
The bluestone gem in the unlikeliest of Melbourne suburbs