NOW ZONED HIGH DENSITY

TWO STREET FRONTAGE
LIVE IN ONE, RENT OUT THE OTHERS
POSSIBLE SPLIT INTO TWO S.T.C.A. KEEP ONE HALF, SELL THE OTHER

DA APPROVAL (UNDER OLD MEDIUM DENSITY ZONING) for 4 ADDITIONAL TOWNHOUSES
TO BE CONSTRUCTED ON THE REAR OF THIS SITE.

HOW DO THE FIGURES STACK UP !

*Only to be used as a GUIDE*

$650,000 – $700,000 – Refurbished Sea Front Home
$350,000 – Brand New Townhouse – 181sqm – 3 Beds
$350,000 – Brand New Townhouse – 181sqm – 3 Beds
$320,000 – Brand New Townhouse – 194sqm – 2 Beds
$300,000 – Brand New Townhouse – 158sqm – 2 Beds

GRAND TOTAL = $1,970,000 – $2,020,000

All costs associated with the development application have been paid for hence it is an approved DA.

Take out:
Purchase Price – $839,000
Building Costs – $750,000 Approximate !
Commissions & Legals – ?
Other Associated Costs – ?
Choice of Refurbishing Existing Home – ?
Talk to your Accountant about other Financial Implications, Tax etc …
Always Seek Legal, Valuation & Market Appraisal Advice.

Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related:

$875,000 ——— 14/07/2009 Normal Sale 1,619 m² No
$583,000 ——— 23/12/2002 Normal Sale 1,619 m² No

To start building you will need to lodge the BA (Building Application) which is the same as if you were building a house. They would need to contact council to get a fee estimate to do this or the builder they choose will include this in the construction contract.

CURRENT BUILDING

It is made up of a 1 x 3 br house and 2 x 2 br units upstairs.

All 3 units with 4 car lockup garage are occupied / tenanted,

Unit 1 – 1 x 3 bdrm $310/wk
Unit 2 – 1 x 2 bdrm $240/wk
Unit 3 – 1 x 2 bdrm $200/wk

The home features modern timber kitchen, separate dining, three bedrooms, air conditioned spacious lounge and large 4 car accommodation.

Upstairs there is 2 x 2 bedroom units with 1 bathroom and access to a balcony which also features stunning views.

This property is in a highly sought after location and features fantastic ocean views and is in close vicinity to the CBD.

Situated on a large 1619sqm allotment with 2 street frontage. With high density zoning the opportunities here are endless, rent them all out or retain one as fantastic holiday accommodation.