SELLING agent Adrian Abel said this property offered a once-in-a-generation opportunity.
“This building went up in the 1960s and has never traded,” he said.
“In WA generally, there are very few blocks of units that are on one title, so it’s an incredible opportunity to buy one property with 10 units on it.
“Therein lies a range of diverse options for a buyer.”
The property offers opportunities for developers, investors and home owners alike.
The 838sq m site is 110m from the beach and contains a three-storey block of 10 apartments.
It is tenanted and will provide a steady income stream for an investor as is.
Mr Abel said the units could also be renovated and converted to individual strata titles, allowing the owner to retain all 10 or sell some or all.
There was also the opportunity to use the height of the existing build, which has three levels, while the existing code generally only allowed two levels, according to Mr Abel.
“The new owner could take advantage of that and look to replace the building with a more modern structure, with either up to 10 units or less than 10 but bigger residences,” he said.
“The opportunity to create your own multimillion-dollar penthouse development with a group of friends or family is extraordinary.”
The property is on one multi-lot title and a potential new owner could also demolish the existing structure and build one residence to sell, or separate the titles and build two homes.
Alternatively, a home owner could simply buy the block, earn income while planning their dream home, and then build a luxurious residence to take advantage of the outstanding ocean views and the amenities of the location – the property is close to the beach and river, train station, golf club, cafes and restaurants, and schools.