Why apartment owners on an iconic beach unanimously decided to sell
The sales campaign of a beachside block of units in Western Australia’s Cottesloe has become an example of what can happen when the stars – or more precisely, the unit owners – align.
Encompassing 3,915 square metres just a few steps from the beachfront, the 13-unit complex is, according to Sterling Property’s Vincent Siciliano and Brian Neo, “ready for new life after 50 years”.
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It’s assumed that the building will likely make way for a new build – whether apartments, town homes, the creation of a small lot subdivision or even a single family home – though refurbishment is not off the table.
Its owners, too, are apparently ready to start the next chapter, having unanimously agreed to offer the block up to the market in a public tender – a rarity, given the fact that there are 12 parties involved for the 13-unit block.
Acknowledging that it’s not often all parties in a strata title come together to sell, the sales agents explained that the unique nature of the particular market, coupled with the building’s particular ownership history, had come together to persuade all the owners that it was the right time to sell.
Mr Siciliano and Mr Neo pointed to multiple in-development properties nearby as strong encouragement for prospective buyers who are hoping to pursue a complete overhaul of the property, instilling market confidence in the vendors.
In addition to their confidence in the prospective returns, the selling group is reportedly constituted by a large majority of owners who have held on to their properties for decades, rather than years, making now the right time to complete their investment life cycle.
Their unified stance means that buyers will be able to move quickly to secure the property, according to Mr Siciliano.
“Rarely does an entire complex go to market with all owners ready to sell – and it is unheard of in a sought-after area like Cottesloe,” said Mr Siciliano.
The agent also emphasised that it’s not only the sellers who are unique, but also the site.
“Thanks to its elevation, the land boasts views over Cottesloe Beach and out to Rottnest. Combined with its private and secluded location, this is a stunning site.
Mr Neo highlighted the street lined with Norfolk pine trees and proximity to the iconic Cottesloe Beach as natural features that are sure to attract buyers interested in creating an “exciting addition to the changing face of this western suburb”.
