9-Unit Apartment Complex With Room For More

For Sale By Tender: Offers submitted by 18th of August 2025. – The Seller reserves the right to accept an offer prior to the closing date.

Situated in the highly sought after suburb of Yokine, 40 Lockwood Street presents an exceptionally rare opportunity for a lucrative short-term and long-term investment.

The existing Units are all leased and offer an immediate rental income of approx. $222,000 per annum, yet they occupy only a fraction of the 2,228 m² block. The huge R40 zoned lot is bordered by dual street frontages and can support a potential redevelopment of up to 19 new Units, offering a significant return on investment for developers. (STCA)

The Reader Park Apartment Complex is comprised of 9 two-bedroom, one-bathroom Units that have been well maintained and updated over the years. Built in 1968 and designed with large communal open spaces, the site is primed for a modern redesign to fully capitalise on the space and the consistent growth of the Yokine property market.

Directly adjacent to Reader Reserve and located moments away from local cafés, Dog Swamp Shopping centre, and a short drive to Perth CBD, this site integrates with the best aspects of living in Yokine, making it attractive to tenants and owner-occupiers alike.

Whether you choose to redevelop straight away or simply maintain a high-yield investment, this opportunity delivers flexibility that few metropolitan offerings can match. Add Yokine’s proven tenant demand, proximity to schools, Mount Lawley ECU, public transport, and the CBD, the proposition moves from attractive to compelling.

Features:
• 2,228 m² corner lot, R40 Zoning.
• Block dimensions approx. 55.84m x 40.23m
• 1968 Built, 2-story brick apartment complex.
• 9 Units: 2-bed, 1-bath (all leased)
• Internal Unit size approx. 71.5 m²
• Gross rental yield of approx. $222,500 p.a ($4,280 p/w)
• City Planner has advised the site and current zoning can support a maximum of 19 units, depending on design. (STCA)
• Reticulated Lawns and Garden Beds
• 9 Undercover Parking spaces plus visitor bays
• Strata Fees Approx. $885.30 p.q per unit ($759.20 Admin|$126.10 Reserve)

Location:
• 50m to Reader Reserve
• 900m to Dog Swamp Shopping Centre
• 1km to Lot Six Zero Café
• 1.3km to Yokine Play Space
• 1.5km to WA Golf Course
• 1.6km to Yokine Primary School
• 3km to ECU Mount Lawley
• 3.5km to Mitchell Freeway
• 6.3km to Perth CBD
All distances are approximate and via road.

Contact:
Brendan Rigby
0407 811 488

Ronnie Abboud
0481 962 880

Disclaimer: All information provided is for general purposes only. No guarantee is given regarding accuracy, and interested parties should complete their own independent due diligence. All distances quoted are approximate. Internal photos are of unit 9 to serve as an example and were taken prior to the tenant moving in and should therefore be used for reference only.

Property ID: 1370142