229 Thomas Street, Dandenong VIC 3175

$14,500,000 - $15,500,000

30 beds

20 baths

5 parking

The Brief: Prime Freehold Accommodation for Sale in South East Melbourne

Its Addressed:


Location: Situated in the heart of Dandenong, minutes from Dandenong Hospital and the industrial zone.
Overview: This well-maintained freehold accommodation boasts 48 rooms catering to both corporate and regular clientele. Established for over 5 years, it offers a variety of room types and includes private car parks.
Key Features:
Built in 2017
Approximately 35 km from CBD
Fully managed operation
80% occupancy rate
Annual Accommodation Revenue: $2.1M
Rental Income (if freehold purchase): $900,000 + GST annually
Easy access to Monash Freeway and Eastlink
Option to expand with 5 additional rooms
Facilities: Each room is equipped with a full kitchen, outdoor furniture, BBQ facilities, a lounge area with sofa, flat-screen TV, DVD player, and laundry facilities.
Location Benefits: Enjoy convenient access to the Dandenong Ranges, Phillip Island, Mornington Peninsula, and Gippsland.

Business Potential:

This property demonstrates strong and consistent turnover with exceptional profit margins. It presents an ideal opportunity for experienced operators or newcomers looking to invest in a well-established venture.

Additional Information:
The property includes 48 apartments across 8 levels, featuring additional commercial office space on the first floor, ground floor retail premises, and 24 car spaces. Currently operated as short-stay accommodation, the apartments include a mix suitable for both short-term and long-term residential rentals: 4 x 3-bedroom, 12 x 2-bedroom, 6 x 1-bedroom, and 20 studios. There is potential to add 5 more apartments, and the full commercial office floor can be leased independently.

Market Context:
Dandenong is experiencing significant growth, underscored by recent major investments such as the Government Service Office on Thomas St ($165M), Dandenong Plaza ($145M), and the former RSL village on Clow St ($11.6M), indicating robust economic activity and future potential for the area.
Sale Details: The property at 229 Thomas Street boasts a substantial frontage of over 20 meters, offering excellent exposure in a central location. Anticipated transaction interest is above $14M, presenting an opportunity above current replacement values amidst escalating construction costs and a shortage of housing supply.

For more Real Estate in Dandenong contact your Area Specialist.

Note: Every care has been taken to verify the accuracy of the details in this advertisement, however, we cannot guarantee its correctness. Prospective purchasers are requested to take such action as is necessary, to satisfy themselves with any pertinent matters.

Property Details

• Type: Apartment
• Bedrooms: 30
• Bathrooms: 20
• Other Parking: 5