UNIT 32/14 Sandpiper Place, Frankston VIC 3199

First constructed as 44 bed-sitter dwelling units in a Special Accommodation Residential Building (Retirement Home), these units have since been subdivided into fully Strata Titled Bed-sitter Dwelling Units in prime Residential Zone 1, Frankston. Council lifted the Managed Retirement Home requirements (s. 173 Agreement) from the titles and now anyone can live there. There is an Owners Corporation to manage the huge common property. No ingoing or outgoing fees. It's your OYO unit.

The Unit is one of the best located in the building close to main entrance, at ground level and with large sliding glass door and window opening to a private patio extending to common surrounding gardens. It has an en-suite bathroom (shower, toilet and vanity) and kitchenette. As an Owners Corporation managed building with added security (coded lock entry and CCTV), the owner/resident has the use of a huge common area, including lounge room, dining room, chat rooms, card-swipe laundry, additional shared kitchen, gardens and park-anywhere off-street parking. No gas or electricity bills/accounts, all supplied free. The owner only pays very low water and council rates and owners corporation fee. No steps or stairs. This will be your strata titled OYO unit to live in or rent out.

This offer is unique in that a live-in owner (or investor) can buy this unit paying it off with repayments less than the rent! An ideal downsizer to avoid mortgage stress or be a wise investment. It would also suit Airbnb management.
Sandpiper Place is a quiet cul-de-sac with a walkway at the sac end to Ballam Park, Ballam Village, Centro Karingal shopping, two schools and a college. A walkway from the back gate brings you onto Cranbourne-Frankston Rd with St John of God Hospital, clinics and the Frankston RSL Club just across the road. Buses 789, 790 and 791 stop less than 200m frequently servicing Frankston CBD and Rail Station and is ideal for tertiary students of Monash University and Chisholm Frankston TAFE campuses. Ideal for Medical and Nursing students at Frankston Hospital and in particular, The St John of God Hospital just across the road. It is equidistant between Frankston Freeway and M11 Peninsular Link.

This is a fabulous part of Frankston and the most affordable ‘Estate Fee Simple’ Property Title imaginable at $125,000 to $135,000 and a good discount can be negotiated if not 'subject to finance'

This is obviously very undervalued. (See the Statement of Information for the median price of 3 recent comparable property sales within 2 km). Units in this Residential Building have been rented for $250 pw. over 3 years ago. The gross return at $300 pw on a cost of $130,000 is 12% p.a. It is available vacant possession. The trustees are reluctant to sell but have a genuine reason for selling this, the last unit and have priced it for a quick sale. The price is negotiable for a 'non-conditional purchase’ (not subject to finance) and depending on how quickly you can settle.