Victoria Police sell beachfront Seaford units
Victoria Police has sold a block of five three bedroom villa units on the south east corner of Nepean Highway and Entrance Road, on the Seaford waterfront.
On 1384 square metres, the property, for over 60 years occupied by the not-for-profit Provident Fund which provides assistance to Victoria Police members, ex-members and their families, is believed to have fetched $2 million from an investor following a tender campaign which closed last month.
Based on the potential annual income – up to $120,000 – the deal reflects a six per cent yield.
That return could be even better should the assets be used as holiday rentals, according to Hocking Stuart marketing agent, Aaron Frowling.
The deal comes eight months since Victoria Police Legacy, another not-for-profit arm, sold Carlton’s historic Louisa Terrace, ahead of moving functions undertaken there to Burwood East (story continues below).
At 71 Drummond Street, on the south west corner of Queensberry, that double storey property collected $3.375m, well over (the $2.25-$2.4m) guide.
Also mid last year, the outgoing Police Association of Victoria headquarters, at the north west corner of Clarendon and Albert streets, in East Melbourne, was offloaded, for $45m.
That buyer was Elizabeth Ring, the ex-wife of former Swisse Wellness co-owner Stephen, who plans to retain it as an investment.
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