The enticing price point of a Lorne penthouse apartment just above the main street is drawing a crowded market of keen buyers.
The three-bedroom residence at 4/66 Mountjoy Pde is a rare offering in the Great Ocean Road resort town below $1 million, Great Ocean Road Real Estate agent Ian Stewart said.
“In the $840,000 to $890,000 range it represents excellent value and there is not much in Lorne under $1 million,” he said.
The penthouse apartment has some other attributes buyers were keen on, including a storage unit at street level.
“For young families with kids or if you were sporting with surf boards and beach gear, to be able to lock it up in apartment complex is pretty attractive,” he said.
The apartment is one of three properties offered to be offered in the complex on January 22.
Another two apartments are set to be auctioned at Easter, Mr Stewart said.
“It’s right next door the Commonwealth Bank. An elderly couple developed the site about 15 years ago.
“Their major motivation was to retain an upper storey apartment for themselves to live in after living in a bigger residence in Lorne.
“But they have now both passed on there is six lots in total in the complex.”
Two shops fronting on to Mountjoy Pde will also be auctioned next weekend.
The 71sq m shops at 66A and 66B Mountjoy Pde will be sold tenanted with attractive rents reflecting current market sentiment.
Price hopes were from $580,000 to $640,000 for each of the shops.
Mr Stewart said while interest in the commercial properties had been more subdued, buyers looking to add assets for their smaller self-managed super funds had been the main groups making inquiries.
“It’s affordable for those lower value fund seekers.”
The shops will be auctioned at 2pm and 2.15pm, before apartment goes under the hammer at 2.30pm on January 22.