A civil construction company boss has bought a Fairway apartment complex previously approved for a 25-unit subdivision.
A civil construction group boss has bought a four-storey apartment complex in Crawley for $4 million, with the site zoned for a 25-unit subdivision.
Dino Capelli, managing director of Bassendean construction company Highway Construction, bought nine-unit complex 147 Fairway from Paul and Robyn Reed, of Subiaco Properties Pty Ltd.
Mr Capelli bought the asset via Capelli Holdings Pty Ltd, which ASIC lists Lesley Capelli and Dino (Dean) Capelli as equal shareholders.
The units have undergone substantial renovations. Photo: Mark Hay Realty Group
Mark Hay Realty Group principal Mark Hay brokered the deal, which he said was one of many similar sales he had facilitated in the past 12 months.
“They are gaining popularity,” he said.
“With rapidly rising rents the ability to hold nine separate titles and own the whole complex, as well as have further redevelopment potential, we’re finding that a lot of savvy commercial investors are viewing these assets in a very favourable light.”
The vendor, Subiaco Properties, gained approval from the City of Perth in December 2017 to demolish the existing building and build a $5 million seven-storey, 25-dwelling apartment complex.
Mr Hay said the buyer planned to hold the asset for the long term, to collect a rental return of between $500 and $600 per week per unit.
