Group of Mount Gambier holiday flats offering chance to tap into Limestone Coast tourism market
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
With an annual return of around $170,000 a year, a block of holiday units in the heart of Mount Gambier is ticking all the right boxes for investors.
Operating as Apartments on Tolmie, 27A Tolmie St has been listed for sale for the first time in 21 years, with offers over $1m invited.
The sale encompasses three two-bedroom units and one three-bedroom unit, each with private gardens and secure parking.
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27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
Selling agent Tahlia Gabrielli, of Ray White Mount Gambier, said while the vendor hoped to sell the property as one, there was scope to buy the apartments individually, with all four currently rented for holiday lets, attracting an impressive income stream.
According to the business’ online booking link, the units currently rent for around $140 to $250 a night, pending holiday season.
“It’s a really great investment opportunity … and we’ve already had a lot of inquiries from locals and out-of-towners,” Ms Gabrielli said.
“It’s very rare to get a whole complex of units become available, so it’s no surprise they are popular (with buyers).
“The investment return is also extremely positive.
“Last financial year, over $170,000 was earned from the units.
“That’s why people tend to do short-term accommodation over long-term, because obviously the revenue is much higher.”
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
27A Tolmie Street, Mount Gambier. Pic: realestate.com.au
According to Tourism SA, demand for holiday accommodation on the Limestone Coast is on the rise.
The region recorded 609,000 overnight visitors in 2022, up 2.16 per cent to figures recorded the previous year.
The data also shows that visitors tend to spend an average of three nights at their chosen accommodation.
Ms Gabrielle said while the sale was ideal for someone looking to break into the tourism market, the units could also make an attractive offering for someone looking to capitalise on Mount Gambier’s strong rental yield.
According to PropTrack, houses rent for an average of $380 a week, with a rental yield of 5.17 per cent.
“For someone wanting to keep it long term, you could even have a mixture of short and long-term rentals,” Ms Gabrielle said.
“You could even live in one of the homes and rent the others or buy them all and then sell them off separately.
“The opportunities are endless.”
Set on a 1394sq m block of land, the property is close to the Crouch St and Wireless Rd intersection, which is home to childcare and shopping centres, dining options and other amenities.
All units feature spacious living rooms with wall-mounted gas heating and ducted air, while the bedrooms have built-ins.
A modern bathroom is conveniently located between the bedrooms, and each offers a stylish glass shower.
Each apartment offers an alfresco dining space and a small, grassed garden surrounded by private fencing.
Mount Gambier has a median house price of $382,500.
Expression of Interest closes at noon on July 25.
