Bayside Frankston apartment block close to the beach for sale

A securely leased apartment block at Frankston in Melbourne's popular south-eastern bayside suburb has price expectation in the high $1 millions.

Available through Savills Australia, the Park Street property sits directly opposite Beauty Park and is a short walk to shops, schools and public transport.

It comprises a two level residential building, with eight one bedroom units in good condition and undercover parking on a 788 sqm site.

Savills' agents Julian Heatherich and James Lockwood say that the property is fully leased, with the exception of one unit which has been refurbished.

It has a potential, fully leased, income of $80,920.

Julian said the property would suit investors and developers with multiple options to fully refurbish, value-add or redevelop.

"The property will appeal to both investors and developers looking to value-add or redevelop subject to council approval," he said. 

"It is currently fully let, with the exception of one unit due to refurbishment, with an excellent leasing history and is situated in a fantastic location within walking distance of all essential amenities."

James highlighted the properties key investment attributes.

• The location in a bayside precinct within walking distance of the beach, transport and shops;
• The secure lease profile;
• The solid building in very good condition; 
• The generous 788 square metre site;
• The exceptional add-value potential; and,
• The potential for redevelopment (STCA).

"This is a great opportunity for an investor and/or developer with the option of either maintaining an investment with a proven income stream, or a value-add redevelopment with the advantage of ongoing income in the planning stages," James said.

"Properties of this calibre and versatility in bayside locations are highly sought after by tenants and investors alike." 

The property will be sold by Expressions of Interest closing, Tuesday, August 23 at 12pm.