Davoren Park apartment block offering chance to pocket more than $4k a week in rent

An Adelaide northern suburb’s apartment block is offering new owners the chance to earn $4480 a week in rent.

The successful buyer of the 14-unit Davoren Park complex at 28 Petherton Rd, which has a price guide of $4m to $4.1m, could rake in rental returns of more than $232,960 a year.

That’s a return on investment of up to 5.8 per cent, which buyers would be hard pressed to find anywhere else, said selling agent Michael Gleeson, of One Point Eight Real Estate.

“There wouldn’t be too many other investments where you would get that return,’’ Mr Gleeson said.

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The Davoren Park units at 1-14/28 Petherton Rd have hit the market.

“And the other good thing about units at the moment is you are only paying land tax on the actual land – so you’re only paying a single tax (and getting 14 dwellings) rather than if you were buying 14 (different) properties and getting taxed 14 times.’’

He said all but one of the single-storey, one-bedroom apartments were currently rented for between $310 to $320 a week on periodic lease arrangements.

The remaining apartment was recently vacated to facilitate buyer inspections but Mr Gleeson was confident a new tenant would easily be found.

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They’re offering buyers a chance to earn $4480 a week in rent.

He said the solid brick units, which each had split system airconditioning, had been recently updated and required minimal upkeep.

Off-street parking was available for each tenant, while public transport was also nearby.

“This really is a set-and-forget investment,’’ Mr Gleeson said.

“You get a really good rental income and, really, there’s nothing to do.

“You could, if you wanted to, do some landscaping and fix the yards up a bit and then get (charge) even higher rent – although it’s up to the next person (buyer) to work out if that’s what they want to do.’’

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The one-bedroom apartments are rented for between $310 to $320 a week on periodic lease arrangements.

Set on a 3401sqm allotment with dual street frontage, and close to Elizabeth shopping centre and local schools, the property also offered an opportunity for future redevelopment, Mr Gleeson said.

He said there had been “truckloads’’ of interest in the apartment block, with a dozen inquiries received in the first 24 hours of the property’s listing.

“There’s a lot happening in the northern suburbs right now and this could be a very lucrative opportunity for the right person,’’ he said.

– by Lauren Ahwan

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