• 2020-built grouped housing development featuring four modern 3×2 units
• Currently leased to NDIS provider PHASE until April 2025
• $143,520 p.a. gross income
• Elevated 1,368 sqm freehold site in a high-growth coastal suburb

A modern 2020-built grouped housing development in Coogee is drawing significant interest from investors and future owner-operators alike following Sterling Property’s launch of an Offers Invited campaign last Friday.

Situated on an expansive 1,368 sqm* elevated site, this exceptional property comprises four contemporary 3-bedroom, 2-bathroom units, each with open-plan living areas, alfresco spaces, and double-port garages. The property is currently leased to NDIS provider PHASE until April 2025 (no options), delivering secure short-term income of $143,520 p.a. gross.

The vendor is anticipating offers north of $3.6 million, highlighting the value and flexibility this asset presents to a diverse range of buyers.

Designed for practicality and adaptability, the units appeal to astute private investors, NDIS providers seeking long-term lease opportunities, residential owner-occupiers, and those exploring short-stay accommodation (subject to council approval). The offering eliminates the challenges of high construction costs, providing a ready-made investment in a market with historically low vacancy rates.

Sterling Property Partner Jake Wallman and Senior Partner Jack Bradshaw have been appointed as exclusive agents for the sale.

“This is a rare opportunity to acquire a high-quality, modern asset with secure income and significant future potential,” said Jake Wallman, Partner at Sterling Property.

“Perth’s robust residential market, coupled with low vacancy rates, makes this property highly attractive to a range of buyers,” he added.

The property is located just 20km from the Perth CBD in Coogee, a thriving coastal suburb with a 5-year median house price increase of 68.3%. Demand in Coogee is driven by its coastal lifestyle, accessibility, and continued growth.

Senior Partner Jack Bradshaw further emphasised the asset’s flexibility and long-term value.

“This property provides multiple pathways for buyers, from continuing as NDIS leases whether as an investor or owner-operator, to re-leasing in the general residential rental market, or converting to short-stay accommodation, subject to council approval. There’s also potential to sell the strata-titled units individually in the future,” Mr. Bradshaw said.

“The seller is initially seeking to sell the property in-one-line, and with upcoming lease expiry, there’s an opportunity for rental reversion growth in this tight rental market,” he added.

Investors will also benefit from attractive depreciation opportunities due to the property’s recent construction, a particularly valuable feature in today’s high-cost construction environment.

Offers for 2 Pinnacle Road, Coogee are now being accepted, closing Tuesday, 18th February 2025, at 4pm AWST (unless sold prior).