Savvy investors will want to turn their attention towards this value rental investment prospect. If you have been in the market for a tenanted residential property on a large block of land with the potential to subdivide, giving you the flexibility to on-sell a residual parcel of land or develop another dwelling to reap further rent returns this could well suit your needs. Better yet, the plans have already been professionally drafted to cut the block in two.
The tenanted weatherboard clad dwelling with iron roof has many desirable features such as high ceilings and original wide polished timber floor boards but unfortunately many areas are showing signs of age. With three bedrooms, separate air conditioned formal lounge, dining room, kitchen plus single bathroom there is more than enough to work with when planning a renovation in the future. As it currently operates with tenants in place returning $280 per week however is due to increase to $320 per week in early December 2022.
Outside of the dwelling there is a single lock up fibro garage with additional open storage space plus a rustic garden shed/lawn locker. The most notable details for this property however are with the size and shape of the block. 1,549m2 of land that as mentioned earlier has been professionally drafted to form a two lot subdivision, ready for the new owner to commence proceedings with Clarence Valley Council for approval to have it split in half. You could further develop, land bank or sell the new block and cut a sizable chunk straight off your mortgage.
Or perhaps you fancy renovating the cottage and keeping the extra-large parcel just for yourself. There are very few options available in the market currently to have this amount of space available right in town. You would only be limited by your imagination with what you could do.
Inspections are by appointment, so contact Tyler Marsh on 0487 422 229 for more information today.
