New Apartment Block Across from Mine Planned

I see there is a new 10 unit apartment block going up across from where mine is located which is right on the top corner unit in the block so will be most effected. I'm worried it could also take the view away but from what the plans say it looks to be opposite on the other side so it should not effect that.

My block is brick built in late 70's I think but in good condition. It is the only one in the vicinity although there are other blocks in the area. It has 12 units, the new one looks to have 10.

Will this have a negative or positive effect on my property? I get good rent and the area is generally average for rent demand. my concern is the new one will look much more modern than my block and devalue it?
 
In my experience the new block values will tend to "pull up" the old block values nearit. However, tenants in the old block will walk across the road to the new block to get newer and only pay a slight increase in rent - so vacancy (depending on demand) may get higher in your older block.
 
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