1-4/2 Glenarm Road
Glen Iris, VIC 3146

This property is a solid-brick block consisting of four spacious two-bedroom apartments, each designed with a separate dining room. Upon entry, a central hallway leads to a generous living area complemented by a dedicated dining space that offers appealing front-facing views. Each apartment features a large master bedroom, a second bedroom, a central bathroom, and a well-proportioned kitchen with an adjoining meals area.

The property is positioned on a substantial allotment of approximately 910 square meters, including a deep rear garden, providing significant potential for future development. Architectural plans have been prepared for the addition of two substantial double-storey, three-bedroom townhouses, each with double garaging. The existing four apartments will retain a single garage each, ensuring ample parking for all residences.

• Townhouse 1: 177 square meters plus garaging
• Townhouse 2: 150 square meters plus garaging

Currently, the property has a lease schedule with three of the four residences leased and one vacant. The leases provide a steady rental income, with the following details:

Residence 1: Lease expiry on 24 September 2026, rental income of $2,173 per calendar month.

Residence 2: Lease expiry on 6 November 2026, rental income of $2,042 per calendar month.

Residence 3: Currently vacant.

Residence 4: Lease expiry on 7 October 2024 (periodic), rental income of $1,955 per calendar month.

This property offers a unique opportunity to acquire a well-maintained block of apartments with excellent rental returns and significant development upside in a sought-after location.