Unit at notorious former Ambassador Hotel in Frankston, Melbourne sells for $99,000

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Unit at notorious former Ambassador Hotel in Frankston, Melbourne sells for $99,000
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A unit inside a formerly sought-after function venue in Melbourne’s southeast, now reputed to be a hub of criminal activity, has sold for $99,000. The one-bedroom, one-bathroom unit inside the Ambassador Hotel in Frankston was sold in June. The unit sold for well under the suburb’s median unit price of $505,000, according to realestate.com.au.

” Foster said the complex had been renovated and improved and that about two years ago a CCTV system was installed with a direct feed to the police station. The unit sold by Foster in June is currently being leased for $999 a month until September. The hotel has a Section 173 overlay meaning the people who live there cannot call the unit their principal place of residence. Foster said the rule was “crazy” and that it made it difficult to find quality tenants and owners.

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