As an organisation it has helped countless South Australians who are either blind or visually impaired, and now the sale of its former Gilles Plains headquarters is set to provide further support to those who need it most.
SA organisation Beyond Blindness is currently selling its former headquarters at 1-9 Cameron Rd, with selling agent Michele Alexandrou of I Manage Property Investments, who is also on the organisation’s board, saying the property offers an incredible opportunity to a savvy buyer.
“The interest in this one has been epic, it’s been huge,” Ms Alexandrou said.
“We are asking for $6.5m and received two offers with one of them coming in the first couple of days of the campaign.
“There’s been interest from Darwin, Melbourne and Sydney – they’ve been really impressed.”
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Set on a spacious 2601sqm allotment on three titles, the property consists of 24 single-bedroom studio units in a two-storey building, with a stand-alone commercial office, all just metres from North East Rd.
Ideal for an investor, fully tenanted the property offers annual returns of about $470,000, Ms Alexandrou says.
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Beyond Blindness’ former headquarters at 1-9 Cameron Ave, Gilles Plains. Supplied
A common outdoor area. Supplied
“The returns are really attractive – it’s $370,000 for the 24 units, and then the commercial component brings in around another $100,000, so it’s quite lucrative,” Ms Alexandrou says.
“It’s zoned ‘general neighbourhood’ and there is room for improvements, so that means you can build a second storey on top of the commercial, you can build a childcare centre, you could do retail – you can do so much with it,” she says.
“Beyond Blindness bought this property and customised the homes so that they were suitable for people who were blind, but the last of their clients moved out about a year or two ago, so now all of the properties are leased privately.
“It’s very special because it’s on three Torrens title allotments, so there are no strata fees which can be quite expensive.
“And because investors are buying it on a commercial contract there’s no stamp duty, even though there’s a residential component, so that saves them about $300,000.”
Beyond Blindness board director Tony Starkey and selling agent and board member Michele Alexandrou outside Beyond Blindness property at Gilles Plains. Picture: Emma Brasier
With Beyond Blindness having moved into a new headquarters – the former LJ Hooker Glynde office on Lower North East Rd, Campbelltown – Ms Alexandrou says all of the profits from the Gilles Plains sale will go towards helping South Australians living with a visual impairment.
Beyond Blindness board director Tony Starkey, who himself is blind, said as the accommodation no longer housed any of its clients, the time had come to sell it to concentrate on its member activities.
“For the past 50 years our members have enjoyed the benefits of having a subsidised local accommodation for their use, and now due to the development of Adelaide, where members are spread out over a bigger area, one location does not work for us, so we now concentrate on other services such as accommodation support in any areas of home maintenance, social inclusion, recreation and equipment subsidies,” Mr Starkey says.
The eat-in kitchen of one of the property’s units. Supplied
The living space and bedroom of one of the property’s units. Supplied
One of the units’ bathrooms. Supplied
“Well over 1000 people over the past 50 years would’ve used the accommodation service, in short-term long-term and through other activities we’ve held.
“With our hostel and nursing home having previously sold in 2004, the money for the next 50 years of the organisation, which is raised from the sale of this property, will be invested and run operations as we receive no government funding for any of our activities and we are purely self-sufficient.”
Expressions of interest close Monday, February 10 at 1pm.
