Sale of Thornbury units to benefit those in need
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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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.
“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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