Unit in Frankston - What's wrong with it?

its a good location being so close to teh beach, but its also on Nepean Highway which is as busy, loud/wide as you can get,

also many of the Nepean Highway units were/are used as quest apartments or shortstay so are usually tiny,

also consider bodycorp/management, and your yields will start to drop
 
it's the old ambassador hotel that was subdivided. It's now referred to by locals as a bit of a drug den. Remember, you're buying an old hotel room here. I'd steer well clear.
 
Thanks for all input guys. This forum is amazing I usually just follow the posts but I felt really tempted to start a thread about this property and see the opinion of some experts.
 
It's kinda sad - been watching this complex for the last few years.

I had my wedding reception & night there a couple decades ago....and was quite nice then.

Too bad it's gone to the dogs.
 
From the Frankston City Council website...........

Ambassador Hotel

VCAT has approved a planning permit for the owner to demolish the front section of the Ambassador Hotel and rebuild it into 39 new apartments. Council is unaware of when the developer will proceed with this construction, the permit is valid for two years.

From the Frankston Leader in 2009........

* Ambassador Hotel site: A $25 million redevelopment is almost ready to go, according to Mt Eliza developer Jacques Khouri. The 1980s’ building will be demolished and 30-40 apartments over three storeys built above offices.

* Ambassador Apartments: Once part of the Ambassador Hotel and now on a separate title, the 110 motel rooms have been converted into studio and two-bedroom apartments, for sale as investment properties. Half have been sold, from $80,000. Developer is Melbourne company Ryssal One Pty Ltd and selling agent is Harcourts.
http://frankston-leader.whereilive.com.au/news/story/frankston-s-new-look-is-coming/

Seems like a re-development of the site has been on the cards for a while now, so IF it ever came through, could be good for investors of the apartments behind the new project?
 
I worked with a relative of one of the agents, that were doing the original sell off. Took ages to move them along, the one bedroom places came in at around 60k. I had a brief look 3 years ago, and knew it was trouble straight away.
 
Dump.

did the basic landscaping there when the renovations took place.

would find numerous syringes everyday...

every time I browse Frankston property 1 or more of these are ALWAYS for sale..
 
Nicely said.

I've also heard reports that a goventment department had hired security to escort residents to their units as violent attackers often occur in there.

spoke to an agent about one of the units today who mentioned that have had some really shocker tenants in there. police escorts/evictions are common place. Whilst its bad now the prices IMHO are overstated, with a two beda apartment on the market for $145k, rents for c$200. The body corp is $2600 which is pretty hefty.
 
People said the say thing about Richmond, Abbotsford, Port Melbourne, Yarraville, and a plethora of other examples of undesirable areas which have subsequently changed.

I totally agree Buzz, I think people dismiss suburbs out of hand without actually taking care to understand the bare bones and infrastructure of a suburb. A smart investor often looks at where the hype is not, because once the hype has started often the prices are already too high. You only have to look at Yarraville, Williamstown etc as examples.

With that said the property in question is a knock down rebuild job.. wouldn't touch it.
 
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