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One of the best investment strategies with development potential that you will find this close to the water.
You could not ask for a better location surrounded by restaurants, cafes and walk to the beach.
Four flats in the one building on 1214m2 of Mixed Residential Zoning with an Unimproved Capital Value of $590,000.
There is currently a DA on this property and the adjoining land for 49 units over 8 storeys.
Invest in your future and secure a great development site that can return you approximately $50,000 plus in rent every year!
Flat One - 2 bedroom with 1 bathroom returning $260 per week.
Flat Two - 2 bedroom with 1 bathroom returning $230 per week.
Flat Three - 2 bedroom with 1 bathroom returning $210 per week.
Flat Four - 3 bedroom with 1 bathroom returning $250 per week.
Currently the property is offering returns that are a little on the lower side due to the current vendor being reluctant to increase rents so there is so much potential to extract a higher yield.
A property directly across the road with the same zoning has been recently developed and is nearing completion with 14 brand new units that are for sale between $350,000 - $525,000.
This incredible investment offers high annual rental return, high land value ($590,000), close proximity to the beach (just over 100m), around the corner to local cafes and local restaurants, walking distance to bus stop.
UCV $590,000
Approx $50,000 annual return
Current DA Approval
1214m2 Land
4 X Flats
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