GOOD INVESTMENT: The riverfront units at Ulmarra up for sale.
GOOD INVESTMENT: The riverfront units at Ulmarra up for sale. Adam Hourigan

Interstate buyers showing interest

THEY face the river and cost each tenant just under $300 a week and now there's a rare opportunity to own them all.

The block of townhouses facing Bailey Park in Ulmarra have come onto the market for $1.7m, and selling agent Angus McKimm said they contained affordable units in excellent condition.

"They're really, really nice units. All of the top storey have verandas looking out on the river, and they're all rented out around the $250 per week mark,” he said.

"And we've found over the years that they are often fully tenanted, with people ready to move in when a resident moves out.”

Mr McKimm said that while it appeared to be a good deal for an investor, it also had possibilities for people who wished to move into the area.

"The previous owners actually lived in one of the nicer units and looked after the complex as live-in owner managers, so there's that option for the buyer as well,” he said.

"It also has a really big garage at the back which a lot of people are saying can fit in boats and caravans.

"It is attracting a lot of interest from Sydney and Brisbane and while locally the price tag is expensive, for a block of 10 units, it's probably the price of one unit in the city.”

Open inspections for the townhouses start today. Mr McKimm said they had already received some early offers for the property. .

Rural outlook

ON WEDNESDAY night, McKimms Real Estate successfully auctioned two rural properties also located at Ulmarra, and Mr McKimm said despite drought conditions around much of the state, there was still a lot of interest in the rural sector.

"It was interesting to note that all of the serious interest in the properties came from local farming families. We didn't have any wealthy graziers from away,” he said.

"All of them are long-term rural families looking to expand their production and the land they already have which is very encouraging in that rural sector.”



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