Tightly held by one family for the last 25 years, this blue chip property will appeal to astute investors seeking above average rental returns plus potential upside. Add value through increased rents, renovating, or obtaining development approval (DA). This prime location is only 300m to the beach, cafes, or restaurants and less than 15 minutes to Gold Coast international airport. Potential rental income is an impressive $184,600 pa.
This is an investment your family will thank you for in generations to come. In the short term, you will be acquiring a blue chip piece of real estate in one of the most sought after suburbs in Australia; a tangible asset not a digital or paper asset. The cash flow is stable as there are six residential tenancies (one is vacant currently) so your holding costs are covered, plus potential rent increases due to the low vacancy rate across the Gold Coast.
Down the track, you may be able to obtain development approval for your exit– whether to refinance and pull out your equity, on-sell to a developer, or perhaps develop the site yourself. Consider what this investment may be worth to you and your family in 5, 10, 20 years…
Rarely do properties become available on a flat corner block and best of all, the site is code assessable for a proposed DA. Some development parameters for your consideration are as follows (please seek advice from a town planner and conduct your own due diligence):
- Corner block on two titles comprising 798sqm
- Residential density is 1 bed per 50sqm
- Building height is 29m equating to 8 storeys
- Assuming 40% building footprint, each floor should be 320sqm
Proposed examples are as follows:
- Luxury product of 4 beds per floor for 7 levels and a 2 bed unit on the ground floor
- 2 x 2 bed units per floor for 7 levels and a 2 bed ground unit
The current unit block comprises of 6 units; 5 x 2 bed units and 1 x 3 bed unit. The current leases and revised rental appraisals are as follows:
Unit 1 - 3 bedrooms
Lease: vacant, potential rent $660-$700pw
Unit 2 - 2 bedrooms
Lease: expires 6/9/2023 current rent $450pw, potential rent $570pw
Unit 3 - 2 bedrooms
Lease: expires 25/3/2023 current rent $450pw, potential rent $570pw
Unit 4 - 2 bedrooms
Lease: vacant, potential rent: $570pw
Unit 5 - 2 bedrooms
Lease: expires 21/02/2023 current rent $430pw, potential rent $570pw
Unit 6 - 2 bedrooms
Lease: expires 13/07/2023 current rent $480pw, potential rent $570pw
Therefore, total potential rental income is an impressive $184,600 pa.
Location benefits:
300m to the beach
500m to Tallebudgera Creek
5min to Burleigh Beach
55min to Byron Bay
15min to Pacific Fair
15min to Really Robina Town Centre
15min to Gold Coast Airport
Local schools:
4min Palm Beach State School
8min Palm Beach Currumbin School
12 min Marymount College
10min to St Andrews Lutheran College
Advertising Disclaimer: We have in preparing this information used our best endeavours to ensure that the information contained herein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur. Prospective purchasers should make their own enquiries to verify the information contained herein.
* denotes approximate measurements.
Disclaimer:
We have in preparing this information used our best endeavours to ensure that the information contained herein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur. Prospective purchasers should make their own enquiries to verify the information contained herein.
* denotes approximate measurements.
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