Purpose of Purchase: Investment
Property Type: Apartment
How this purchase met the client’s brief:
- Prime Northern Beaches location
- Low maintenance
- Set and forget investment
A Successful Investment:
Our clients were looking to add a quality investment grade property to their portfolio and wanted exposure to the Manly market. We identified a 3 bedroom apartment on the Eastern Hill of Manly that we deemed to be investment grade.
There were tenants currently in place on a fixed lease so this ruled out most owner occupiers who were looking to move into the property immediately. In addition, the Christmas holidays were only one week away which gave us a chance to negotiate quite hard as the agent and vendors were motivated to achieve a sale prior to Christmas. Most 3 bedroom, 2 bathroom apartments with double lock up garages on the Eastern Hill area of Manly were selling in excess of $2M’s and we managed to secure the property for an excellent price below 2M and with tenants already in place, meaning no period of vacancy for our clients.
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