Prime low density re-development site situated in the The Hill.
Discover an unparalleled investment/development opportunity in the heart of The Hill with this block of units at 16 Nesca Parade.
Please note: The unit block has a limited lifespan due to the concrete cancer affecting the building, hence why the owners corp unanimously decided to sell.
So if you're looking for a long term investment block this is probably not the one for you, yet as a future development site, you won't find better land space than here to build on The Hill.
Prime Development-friendly topography - with wide street frontage in excess of 29 metres facing Armitage Street.
Approx 592m2 block Zoned R2, and providing potential to rebuild up to 8.5 metres high allowing scope for either a large 3 storey home, duplex or triplex terrace style townhouses (STCA)
Property Features:
• 1960's Contemporary Unit block offering 8 x 1-bedroom units where the top floor units enjoy stunning elevated views - overlooking Cooks Hill and distant Mountain landscape to the West.
• Some renovated and all with existing tenancies, currently providing a high yield gross return in excess of $138,000 pa, with value-add potential to improve the unrenovated units and seek a higher rent.
• Nestled in a vibrant community, 16 Nesca Parade is conveniently located near local amenities, schools, parks and beaches.
Don't miss your chance to secure this remarkable property and reap the return while waiting for redevelopment approval.
Please note all offers need to be submited via the link in the 'Make An Offer' tab in the attachments section of the I.M report.
