Insights

Short-stay accommodation with residential tower approval for sale near Ocean Reef Marina

October 2023

A commercial property offering a rare mix of investment and development opportunities is now available at 3 Glenelg Place in Connolly, providing flexibility for the next owner.

Sterling Property is selling the expansive 2,052 square metre site, which currently features nine residential units ranging from one-bedroom to three-bedroom suites that are leased as short-stay accommodation.

The site offers future development potential with pre-approved plans for a modern four-storey residential complex featuring 27 apartments. The site’s mixed-use R80 zoning also allows for a wide range of alternative uses, such as medical and retail space.

Sterling Property Principal Partner Brian Neo said the flexibility of the site provides a range of opportunities for interested buyers.

“The property is a secure, gated residential complex that has been meticulously maintained and the existing short-stay accommodation business produced a strong income position of $187,000 net in the 2022-2023 financial year,” he said.

“Interested buyers will have the opportunity to leverage this property as an investment either through external management or by running the short-stay accommodation as a business with potential to increase the income net of fees by approximately 20 per cent.”

Situated on a prime elevated hilltop with views of Joondalup Resort Country Club, the property is available for sale via Offers Invited in the mid to high $2 million range.

Sterling Property Managing Partner Vincent Siciliano said the location of the property adds to its appeal.

“The property is conveniently located near the newly revitalised Connolly Shopping Centre and Joondalup Gate, and the surrounding area is poised for significant growth thanks to the forthcoming Ocean Reef Marina development project that is underway,” he said.

“Ocean Reef Marina is less than three kilometres away from Connolly and is anticipated to offer 12,000 square metres of retail spaces as well as restaurants, cafes, hotels, and various public amenities that will attract more visitors to the area.

“While the current development market has its challenges, this unique opportunity will allow an astute investor to own or run a successful short stay accommodation business in an extremely tight rental environment.”

Contact:
Brian Neo
Principal Partner

+61 411 868 486
bneo@sterlingproperty.au

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