A NON-profit organisation has bought an entire block of eight units in one line of investment for $2.82M following successful post-auction negotiations at 378 The Horsley Drive, Fairfield.
On an 828sq m* site area, the asset came fully leased with strata subdivision and future development potential, subject to council approval.
The property was marketed and sold by Ray White Commercial NSW Associate Director and Licensee in Charge Joseph Assaf and Sales Executive Robert Napoli.
Mr Assaf said it was a strong campaign with interest coming from a wide array of potential buyers, including both private and government funded housing providers.
“This was a fantastic opportunity for someone to add value, and the fact the building was fully leased with multiple income streams, really appealed,” he said.
“The property is within walking distance to the thriving Fairfield town centre and train station, with all units having recently been renovated with generous floor plans and on-site parking.
“The asset delivers a current passing income of $155,220* p.a. and with value-add potential, and the fact we had four competing bidders on the day, it highlights how much this opportunity was appreciated.”
Mr Napoli said the eight units consisted of 7×2 bedrooms and 1×1 bedroom and came Zoned B4 Mixed Use.
“All units have laundries, mirror built-ins to main bedrooms and the building has two additional storerooms, and a caretaker’s toilet,” he said.
“Fairfield itself is 29km* west of Sydney CBD and the Fairfield railway station is on the Airport, Inner West and South, and Cumberland lines of the Sydney trains network.
“Local amenities include adjoining to the Fairfield Public School, and you’re just 350* metres away from the Fairfield railway station and the town centre.”