Development Site with Holding Income
This property offers an excellent practical building site at the front of the property, while the existing building has already been modernized to offer stable rental income across three flats.
The existing building to the rear of the property contains two 1-bedroom flats and one 2-bedroom flat that have all been extensively renovated and upgraded in prior years with new kitchens, bathrooms, paint and carpet. The property has also previously been re-roofed, benefitted from re-painted cladding and upgraded wiring and all Healthy Homes Standards have been addressed. The three flats return $1,190 per week and are the perfect holding income asset while you plan your development build in front.
The zoning allows for seven bedrooms to be in place on the title, so three more can be built in any configuration (subject to council consents and guidelines). The highest value would be constructing three 1-bedroom units which are always in demand with discerning students, much like the existing tenants in the existing building.
The location offers a 15-minute walk into the University and the local suburban shopping precinct is just two blocks away for maximum convenience.
This offers an excellent opportunity to produce more desperately needed rental stock to a bulging tenant market.
A full Colliers Information Memorandum and additional property documentation is available on request.
Please contact me for a further discussion about this development opportunity or to arrange a viewing appointment.