Secure a substantial development site offering the best of both worlds - strong existing rental income today with significant development potential for tomorrow.
Positioned in a highly sought-after pocket close to the waterfront in Margate, this impressive property comprises four established units currently returning a combined $2,010 per week, or $104,520 per annum, providing an attractive 4.6% rental yield while you plan your next move.
Even more exciting is the Development Approval already in place to construct two additional dwellings, positioned either side of the existing building. For astute investors and developers, this creates the opportunity to further maximise the site's potential and add significant value to an already income-producing asset.
The existing complex comprises:
- Two x 2-bedroom, 1-bathroom units
- Two x 3-bedroom, 1-bathroom units
- Four individual carports
- 1217sqm block
- Combined rental return of $2,010 per week / $104,520 per annum
- DA approval for two duplex style properties
- A substantial block offering excellent future potential
Whether your strategy is to hold and enjoy the existing rental income, proceed with the approved development, or explore the potential to build, retain and/or sell, this is an opportunity that offers genuine flexibility and multiple pathways to add value.
And then there is the location.
Just minutes from the waterfront and the lifestyle attractions of the Redcliffe Peninsula, you're close to Margate Beach, major shopping, medical services, schools, parks, bikeways and public transport, placing this property in a location with strong ongoing appeal for both tenants and future buyers.
Strata and sell them individually, keep one or more for yourself and rent out the rest, or rent them all and take advantage of the future potential to build more - the choice is yours.
Investors and developers - this is one to put firmly on your radar. Contact us today for further information and to explore the full potential of this outstanding property.
