An entire two-story unit complex in Bicton has been snapped up by Perth investors for $6.45 million. 

Located at 320 Canning Highway, the 4,053sqm site comprises 32 one-bedroom units and four two-bedroom units. 

The property was sold by Ray White Commercial WA agents Brett Wilkins and Stephen Harrison via an expressions of interest campaign. 

“This property was a rare opportunity to purchase an entire, two-level complex of 36 one and two bedroom units in one line,” Mr Wilkins said. 

“Known as Melville Gardens and located in the affluent and high performing suburb of Bicton, the group has remained fully leased for some time, providing 'future proofed', reliable, and increasing cash flow, with a current rental income of $460,000 per annum. 

“The site provides a great opportunity to refurbish the units or sell off of the units as they are already strata titled. 

“A substantial land holding with mixed use R50 zoning, the site also has future development potential.”

Mr Wilkins said the buyers intended to refurbish all of the units and offer back to tenants.

Mr Wilkins said the market for blocks of units was strong with an offering at 29 Hurlingham Road South Perth receiving over 50 enquiries.

For more infromation contact the agents via the contact form below.