32-34 Perouse Road, Randwick guide NSW 2031

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32-34 Perouse Road, Randwick NSW 2031

$11,000,000

Search Band Search Visibility Band

$11M - $12M High Confidence Calculated based on strong search observations.

Apartment 17 Beds 14 Baths 11 Cars 548 m²

Listed: yesterday

Overview

This distinctive mixed-use asset at 32-34 Perouse Road presents a rare and substantial investment opportunity within Randwick's popular "The Spot" precinct, known for its vibrant retail and entertainment amenities. Encompassing a sizeable 548.1 sqm site, the property offers an integrated blend of residential apartments, boarding house accommodation, and retail/commercial tenancies, resulting in a diversified income stream that enhances both immediate cash flow and long-term growth potential.

Having undergone significant refurbishment and expansion approximately five years ago, the complex benefits from modernised infrastructure including upgraded fire safety systems, water, electrical, and communication services. This reduces the likelihood of near-term capital expenditure while delivering contemporary finishes throughout the asset.

The 17 tenancies comprise a mix of 4 two-bedroom units, 2 one-bedroom units, 9 studios, and 2 retail shops, strategically distributed to cater to a wide tenant base. This appeals particularly to investors seeking a balanced portfolio with historically low vacancy rates across both residential and commercial segments, backed by effective outgoing management and a solid net return. Exclusive transport access adds to the site's appeal with a bus stop directly at the doorstep and the Randwick Light Rail only 400 meters away, facilitating tenant and customer convenience.

Located amidst Randwick's lively dining and entertainment hub, the precinct attracts consistent foot traffic to its cafes, restaurants, and the iconic Ritz Cinema, supporting retail vitality. The property's car parking provision, including basement parking with 11 spaces, supports both residential and commercial occupants.

Substantial mixed-use site aligning with robust tenant demand and amenity
Recent upgrades heighten asset quality and minimise immediate refurbishment needs
Strong and varied income stream across multiple tenancy types
Excellent public transport links and prime positioning within a sought-after lifestyle precinct
Secure parking accommodations augment convenience for tenants and visitors alike

Overall, the property stands out as a compelling choice for investors focused on long-term stability and growth within a vibrant urban setting. Its combination of diverse tenancy profiles and advantageous location within Randwick's sought-after "The Spot" makes it an appealing prospect in a competitive market.

Local Market Insights

In Randwick, Quiet Listings observed 35 new apartments entering the market over the last 30 days, up from 18 during the previous 30-day period, with an average advertised asking price of $1,511,571. The property type mix of listed properties is predominantly Apartments at 65%, followed by houses (25%), and home for sales (4%). The most active agency for apartments in the Randwick area is currently Belle Property, representing 26% of new listings, followed by Ray White with 23%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.