This extremely well located, square and flat 868sqm block has a front renovated 2 bedroom, 1 bathroom home with a sitting tenant... PLUS a development approval in place to retain the front house and build four decent sized 2 bedroom, 2 bathroom apartments on the rear.
If you were thinking of doing a retain and subdivide project, you should definitely take a closer look at this property because there is potential for greater returns.
Over the last year, the current owner has done all the hard work spending $75,000 on renovating the front house demolishing the rear backyard and gaining a development approval.
If you add up the cost to buy a similar property and get it to this point you would realise just how well priced this property is. Plus you will not only save time here but have the certainty of knowing what can be developed.
The front 2x1 home has been given a very neat renovation- installing a new kitchen, bathroom, laundry, blinds and been painted throughout. It is currently rented until May 2014 at $325 per week to lovely tenants. So you will have a great cash flow until you decide to build on the rear.
There are no maybe's, this property has a Development Approval for four 2x2 apartments of 74sqm in size each, while retaining the front house. We have full plans and an indicative building quote available.
Privately located off a slip road running off Spencer Rd, it's a short walk to the train station, Spencer Village and Thornlie Square shopping centres.
Take a closer look at this incredible opportunity by coming to the first home open this Sunday from 1:30-2pm.
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