An exciting development opportunity presents to realise capital gain on several fronts for this city fringe investment on the outskirts of very desirable South Hobart. Already, the property delivers a healthy rental return of $1530 per week.
A conservative projected rental return of $2060 per week is anticipated and up to $2260 with cosmetic changes.
Situated on an expansive single title of 4,153 m2 allotment, the 409m2 residential building is divided into 4 apartments plus a useful studio/utility /storage space with plumbing …fully serviced with water ,sewer and stormwater. The interiors are decidedly retro in style and would benefit from an upgrade.
In total, there are 9 bedrooms, 7 bathrooms, 3 vehicle carport and at least 7 off street car spots. The purpose built complex constructed in 1973 forms an imposing quadrangle with a central courtyard. The property enjoys dramatic tree scape views to Mount Wellington, leafy surrounds and established gardens. The eastern side of the property adjoins land owned by the Hobart City which forms part of the Waterworks Reserve.
Current zoning for this property from July this year, is dual, a combination of General Residential and Rural Living. In the future, there may well be the possibility that residential construction zones will expand, given the ever increasing demand for housing.
The huge potential to add capital value here, lies in developing the rear of the allotment HCC STCA to provide for visitor accommodation or submitting an application to stratum title the existing complex of conjoined apartments…or simply increasing the footprint of the building.
Conveniently situated on a reliable transport route and in close proximity to UTAS, vibrant South Hobart and Sandy Bay shopping villages.
Additional infrastructure includes 4 storage sheds.
This is a unique opportunity to create wealth and enjoy a very manageable project development. Concept drawings and schematic design for visitor accommodation pods, sustainable and sensitive to the environment have been commissioned by well respected multi-award winning architects, Liz Walsh and Alex Nielsen from So.Architecture for your consideration.
Tasmania and New Zealand in the scheme of global turmoil are now considered lifestyle 'safe havens' in terms of a destination to live and invest!
