Sale By Fixed Date - Friday 9th May, 2025 at 12pm (Unless sold prior). Indicative buyer range $690,000-$710,000.
Investors and developers, this is the opportunity you've been waiting for. Situated on a massive 2,012 sq.m (½ acre) corner block with two street frontages and lane access, this property offers both immediate returns and enormous development potential.
Currently leased until August 2025, the existing 7-8 bedroom brick home is generating a strong rental return of $1,050 per week ($54,600 per year), providing a secure income stream from day one. But the real value lies in the approved planning permit for further development, allowing for the construction of a 12-room workers' accommodation complex. Each bedroom is designed with a private bathroom, while shared kitchen and living areas create a highly functional communal space.
With an expected rental return of $190 per week per bedroom, full occupancy would generate an additional $2,280 per week ($118,560 per year). Combined with the existing lease, this equates to a potential annual income of $173,160-a rare and lucrative opportunity in today's market.
The existing home is well-suited to large families or shared living arrangements, featuring two spacious living areas, two bathrooms (one recently updated), and a well-equipped kitchen with ample storage, generous bench space, and a 900mm gas stove. Outdoor amenities include a covered BBQ area, a double garage, a large workshop shed, and a high-clearance carport-perfect for additional storage or parking.
With strong rental returns, a sought-after location, and an approved permit for high-demand accommodation, this property is primed for substantial growth and profitability. Don't miss this chance to capitalize on a high-yield investment-act now to secure this exceptional development opportunity.
