Real Estate

Beachfront Middle Park apartment block for sale after half a century

Written by The ReReport
As seen in the Source link, written by on 2019-03-13 20:51:00

271 Beaconsfield Pde, Middle Park is for sale. It’s been owned by the same family for at least 50 years.

A Middle Park property is for sale for the first time in half a century, offering a rare chance to buy an entire apartment block on one of Melbourne’s premier beachfront strips.

The Art Deco block at 271 Beaconsfield Pde is set to go under the hammer on March 23, with a $4.4-$4.8 million price guide.

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Hocking Stuart Albert Park director David Wood said the block of four apartments had been held by the one family for more than 50 years.

“It’s rare you get a block of flats on Beaconsfield Pde, and it’s a great part of Beaconsfield Pde with uninterrupted views of the water,” he said.

“The response has been amazing.”

The property’s prime position across from the bay.

The bay view from a front room.

The building comprises four large apartments, each featuring two bedrooms, a kitchen, living room and water views. It generates about $125,000 a year in rental income.

Mr Wood said the property offered a range of possibilities including investment, renovation or redevelopment. It has a contributory heritage overlay, a lower level of protection for buildings with “potential for conservation”.

Each of the four apartments has a lounge room, kitchen and two bedrooms.

A kitchen in one of the apartments.

Middle Park’s median house price reached $2.55 million in December 2018, up 8.5 per cent in 12 months.

Mr Wood said the blue-chip suburb’s median had held up amid softening prices across the city.

“When you look at median prices, I don’t think Middle Park has been as affected as other areas because there has been precious little on the market,” he said.

Meanwhile in Elwood, another classic block of flats is up for grabs.

The circa-1925 Spanish Mission-style block of six apartments at 45 Mitford St has a $3.6-$3.9 million price guide and an auction set for March 27.

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