AnglicareSA has snapped up a block of 16 apartments in Kurralta Park. Pic: Ray White.
More than a dozen apartments in Kurralta Park will be turned into community and emergency housing after selling in a multimillion-dollar package deal.
AnglicareSA snapped up the block of 16 one-bedroom renovated units on the corner of Warwick Avenue and Mortimer Street, known as Midway Apartments.
Ray White Glenelg Plympton principal Adam Keane, who sold the properties with Nathan Viola, wouldn’t reveal the sale price but said it was a multimillion-dollar deal.
The block includes two buildings – one at 2A Warwick Avenue and the other at 48 Mortimer Street – each of which has eight units.
Mr Keane said it was rare for an entire unit block to hit the market so it attracted a lot of interest, from both interstate and overseas.
AnglicareSA is going to use the apartments for social and affordable housing. Pic: Ray White.
“There was so much interest throughout the campaign, simply because an asset like this only comes up once in a blue moon,” he said.
“AnglicareSA visited the asset a number of times and they really appreciated the standard of the renovations and how well-placed the apartments were to every essential amenity.”
AnglicareSA housing and homelessness services general manager Michelle Gegenhuber said they were pleased to purchase the well cared for apartments, which would increase the availability of much-needed social and affordable housing in the state.
MORE NEWS
Why this villa sold for almost $60,000 more than expected
Character home that starred on House Rules snapped up
The renovation you need to see to believe
“As a long-term provider of community housing in SA, we are always keen to look for
properties that provide the opportunity for affordable rent and ease of access to shopping,
transport and other amenities,” she said.
“The Kurralta Park apartments do just that, providing attractive, affordable rental housing for
couples as well as for those who prefer to live on their own.
“While we are doing some minor repairs, the apartments really are a credit to the former owner, and we plan to have them available for tenants before the end of the year.”
AnglicareSA manages more than 2100 social housing properties across Adelaide.
Ms Gegenhuber said AnglicareSA had a 10-year development plan to increase social and affordable housing, which was at crisis levels across the state.
“This purchase is an integral part of that plan,” she said.
Seller Kym Matheson ran a successful short-term accommodation business from the blocks for years but decided to sell them so he could retire.
After collecting all 16 apartments over 25 years, he was glad to know they would be used to help those who needed them most.
“I started with one apartment back in 1995 after a third was left to me by my mother,” he said.
“After buying out my two brothers, I decided short-term holiday rentals were the way to go.
“I ensured after I purchased each one that they were fully-renovated and offered everything you would need to stay for a short time, including electricity, gas and Wi-Fi.”
The post Kurralta Park apartments snapped up for community housing in multimillion-dollar deal appeared first on realestate.com.au.