A block of short-stay apartments with views of Bunbury’s stunning coastline has sold for $1.8 million.
The Oceanside Apartments, located at 3 Upper Esplanade, were sold by Ray White Commercial WA joint director Stephen Harrison, and Ray White Bunbury agent Mick Caddy on behalf of a syndicate who also recently sold Bunbury’s Ocean Drive Motel.
“The property consists of seven short-stay apartments in one line that offer a substantial income stream of more than $200,000 gross per annum,” Mr Harrison said.
“It also offers future development potential with a six storey height limit.
“Each of the units are individually strata titled, with the property currently leased on a short-term contract to a local engineering firm.”
The property was purchased by a local Bunbury investor who had been looking for a while.
“Short term accommodation in Bunbury is highly sought after due to the increase in the activity surrounding lithium mining and processing, as well as other general industry, creating more and more jobs in the south west,” Mr Harrison said.
“The property is booked on a night by night basis for extended periods, from a range of contracting and engineering companies with work in the region.”