3 Glenelg Place,
Connolly, WA 6027

Sterling Property is pleased to present 3 Glenelg Place, Connolly, For Sale via offers invited,

This truly unique opportunity offers:

• A prime elevated hilltop location, spanning an expansive 2,052 square meters.
• A mix of 9 x short stay accommodation units ranging from 1 bedroom to 3 bedrooms suites.
• Pre-approved development plans for an impressive four-story residential complex, featuring 27 thoughtfully designed apartments.
• Versatile 'Mixed Use' zoning (R80) accommodating a wide range of possibilities, from medical facilities to retail or residential development.

Nestled in an exclusive hilltop enclave, accessible via Country Club Boulevard, 3 Glenelg Place offers captivating vistas of Joondalup Country Club. With development approval already in place, envision a stunning four-story residential complex offering panoramic views.

At present, the property features a meticulously maintained, secure, gated residential complex, comprised of nine units leased as short stay accommodation.

The property produced a strong income position of $187,000 (NET) in the 2022/2023 financial year. The opportunity exists to continue this cash flow position through an external management company or manage in house and run a short stay accommodation business and increase the net of fees. ( Approx 20%)

Adding to its appeal, the property enjoys a convenient location near the recently revitalized Connolly Shopping Centre and Joondalup Gate, both just minutes away.

Furthermore, the surrounding area is poised for significant growth, courtesy of the forthcoming Ocean Reef Marina project. Anticipate the marina accommodating 750 boat berths, 12,000 square meters of retail spaces, bars, restaurants, cafes, hotels, tourism attractions, and various public amenities.

Should you wish to explore this opportunity further please contact Exclusive Selling Agents Brian Neo 0411 868 4..., Vincent Siciliano 0488 933 332 or Jorin Stamatiou 0450 199 130