Perfectly positioned in one of Primbee's most tightly held pockets and just 300 metres to Lake Illawarra, walking tracks, parks and recreational facilities. This rare offering presents an exceptional opportunity to secure an income-producing property with immediate returns and future potential.
Set on a generous 696 square metres parcel of land, the property comprises two self-contained one-bedroom villas, each complete with its own carport. Both villas are currently tenanted at $330 per week, delivering a combined rental income of $660 per week. With updated rental assessments indicating potential returns of $380-$400 per week per villa, there is opportunity to further enhance the property's income-generating potential.
Property Highlights
- Generous 696 square metres block in a sought-after lakeside location
-Two self-contained one-bedroom villas
-Individual carports for each residence
- Both villas currently leased at $330 per week each
- Combined current income of $660 per week
- Existing rents are considered below market value, providing immediate rental upside
- Just 300 metres to Lake Illawarra, walking tracks, parks and recreational facilities
- Close to local shops, schools, public transport and major arterial roads
Unlock a Third Income Stream
Adding even further appeal, the property may offer the potential to install a Tiny Home (secondary dwelling) under the NSW State Environmental Planning Policy (SEPP), which can be exempt from requiring Development Approval, subject to meeting the relevant criteria and complying development requirements. This presents an exciting opportunity to create a third rental income stream and maximise the return on this unique investment.
Whether you're looking to invest, landbank or secure a property with future development potential (STCA), opportunities like this in lakeside Primbee are becoming increasingly rare.
Contact Shane Szakacs from Ray White South Wollongong for further information on 0417435585
