The recent entry of Mr Fluffy buyers to the marketplace has clearly shown that those downsizing, forced or otherwise, have a desire to remain in their current locale. With an aging population and limited supply, it stands to good reason that demand for newly built, quality accommodation in and around the Woden Valley area will remain high for some time to come.

So here is a great opportunity for a developer or savvy investor to capitalise, and secure a great 3008m2 RZ2 site, located within a short stroll of the Westfield shopping centre and only a moments drive to the Canberra Hospital. Settlement terms are flexible, with the current owners prepared to rent back for up to 2 years, giving you income during the time it takes to finalise your planning.

The site is currently shared by 4 separate title properties, all currently occupied and 2 in particular being of a good internal condition. In terms of adding multiple dwellings, there has been abundant development in the surrounding streets, and the site offers good dimensions.

There is a 50% gross floor area (GFA) plot ratio allowable (above natural ground level, basement not included) you can build up to 1504m2 GFA on ground level, with the option of submerging a basement car park, which wouldn’t encroach on your plot ratio, this would enable you to have the full 1504m2 of living space. Past sales and currently for sale data suggest a gross realisation of $7 million if 10 adaptable dwellings were constructed in this manner.

New 3 bedroom residences are massively short supplied in the Woden Valley market, whilst there is huge buyer demand for quality low maintenance living of around this size. Woden Valley has a large number of retirees who are not ready for a 2 bedroom retirement unit, as they still have visiting grandchildren and therefore still need a decent sized home, just not the 1000m2 block that traditionally comes with a home this size.

Featuring Properties:
59 Burnie Street, Lyons: 4 bed, 1 bath, 724m2 block, EER 2
61 Burnie Street, Lyons: 3 bed, 1 bath, 724m2 block, EER 1.5
63 Burnie Street, Lyons: 3 bed, 1 bath, 755m2 block, EER 2.5
65 Burnie Street, Lyons: 3 bed, 2 bath, 804m2 block, EER 1.5

Please also note: Whilst relevant due diligence was taken in obtaining the above information, it is purchasers responsibility to make their own investigations in regards to future development applications, related costs and figures