Adjoining the Connolly shopping centre and overlooking the Joondalup Golf Course and Country Club Resort, the Pelican’s Nest apartment complex has sold for $1.65 million.
Located at 3 Glenelg Place, Connolly, the property operates as short stay apartments situated upon a freehold land footprint of 2,052sqm that is zoned mixed-use with R80 residential coding.
The property was sold with development approval for a four-storey complex comprising 27 residential apartments with secure basement parking within an exclusive private setting.
Ray White Commercial WA senior commercial property advisor Michael Milne, and sales and leasing executive Lachlan Burrows, concluded the sale shortly after the property was passed in at a public auction campaign.
“The property is exceptionally well positioned in a strong demographic location close to Joondalup Gate and the freeway to the east, and within minutes of the new Ocean Reef Marina,” Mr Milne said.
“The sale price roundly reflected $800/sqm on land content and the buyer will enjoy a net return of approximately 5.5 per cent fully leased.”
The property was sold to a private local investor.
“The buyer will continue to operate as a short stay residential complex and renovate to maximise income stream until such time as the market strengthens for high density development,” Mr Milne said.
Senior commercial property advisor
Ray White Commercial WA
0403 466 603
Ray White Group
0447 000 472