Positioned on a substantial allotment of approximately 1,149m², 5 Haslem Street presents an exciting opportunity for investors and developers looking to secure an income-producing property with considerable future potential.
The existing residence is currently being let at $570 per week, providing an immediate rental return of approximately $29,640 per annum. Although previously the property had been reconfigured as a 5/6-bedroom share house.
The home offers up to 5 separate bedrooms together with a galley-style kitchen, dining area, bathroom, laundry and toilet facilities. High ceilings retain the character of the original residence, while ducted gas heating and ducted evaporative cooling provide year-round comfort for occupants.
However, it is the potential beyond the existing residence that makes this property particularly appealing.
The rear portion of the property has already been separately fenced, with endorsed plans prepared for a proposed two-lot subdivision. The plans indicate a front allotment of approximately 594m² containing the existing residence and a rear allotment of approximately 554m² with access from Canterbury Street. The subdivision is currently incomplete.
Further planning and design work has also been undertaken for the rear allotment, including detailed construction drawings for a proposed nine-bedroom Class 1B sharehouse. The proposed design incorporates nine bedrooms, individual ensuite facilities and shared kitchen, meals, living, laundry and outdoor areas.
The proposed rear development has the potential to generate high gross rental income per annum once completed and fully occupied. This figure achievable will be subject to final approvals, construction costs, rental conditions, occupancy levels and operating expenses.
Whether you continue to enjoy the immediate income from the existing 5-bedroom residence, complete the subdivision, develop the rear allotment or explore a future dual-income investment strategy, 5 Haslem Street offers a rare opportunity, with some preliminary groundwork already commenced while still providing significant scope for the new owner to complete and bring their vision to life.
Investors and developers are encouraged to review the available plans and conduct their own due diligence regarding the subdivision, proposed development, council advice & approvals and potential rental returns.
