This large 810m2 site zoned R30 is a developers dream. The existing dwellings consist of 2 older duplexes with the potential to realise $114,000 rental income per annum. Utilize this cashflow whilst achieving approvals for a development worthy of the sites value.
If you built two 4x2 properties on this site, you could easily achieve a rental return of between $5,000 to $5,600 per week or $260,000 to $290,000 per annum. Do the sums and you will realise that this is a veritable gold mine waiting to be developed.
The property is only 80m from the sea reserve and a couple of minutes' drive from the CBD, shops, cafes and the yacht club.
Rental accommodation is in huge demand with BHP's announcement that it is going to increase the size of the harbour and increase its exports of iron ore by over 200% over the next ten years. This has resulted in a flood of contractors coming into the area all looking for somewhere to live. Build and reap the rewards.
Be quick and beat the rush!