Sale of Thornbury units to benefit those in need

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What’s next for this old block?

The community is set to benefit from a philanthropic buyer’s $2.2 million purchase of a longstanding apartment complex.

The six apartments at 1-6/289 Mansfield St, Thornbury had been retained by the one owner for over 40 years, yielding a combined return of about $86,244 per annum

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The commanding block features dual street frontage.

Well maintained with scope for renovation.

The striking original kitchen.

Love & Co Thornbury agent Bill Kyriakopoulos said there was one bid of $2.1 million which was negotiated to the reserve price of $2.2 million.

He said the buyer’s objective was to align himself with a community group and use the accommodation to help people in need.

“The buyer looked at it from a completely different angle and will use it for philanthropic purposes,” Mr Kyriakopoulos said

“I think that is very admirable.”

The block of units is on about 602sq m near Darebin Creek.

The apartments range from one to two bedrooms and feature a separate meals and living area.

The two-bedroom apartments also feature a private balcony.

Mr Kyriakopoulos said the now retired vendors owned the property for 42 years and were looking to start a new chapter.

“The property runs the risk of expiring and commands maintenance which they were not in a position to do,” Mr Kyriakopoulos said.

The apartments are near shops and parks.

They still retain period features.

One of the original bathrooms.

“They did an amazing job looking after the property, which is one of the finest examples of a single-owner block we have seen in some time.

The different apartments were being leased at $100 to $295 per week, according to CoreLogic.

No. 1, 289 Mansfield St last sold for $116,000 in November, 1982.


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