Outstanding opportunity for what is surely one of the best prospective development sites in Labrador at the moment. This prime north facing block located on Central Street Labrador is a great opportunity for the eager developer to step in and secure one of the last remaining blocks still available in this fantastic booming central location. The existing building on the property will need some serious attention or alternatively demolish to make way for a brand new development opportunity.
Public transport, Griffith University, GC University Hospital, Parkwood Central Shopping Centre and so much more right at your door step!
So many opportunities arise with this block, renovate or simply hold and take advantage of the shortage of land in the area, demolish, subdivide and build a brand new duplex, or do nothing for now and collect $580 per week in rent.
This is an exceptional investment opportunity with endless options to make money.
Property Features Include:
* 516 m2 North facing block in key location
* Gross yield is currently 7.13%
* RD3 zoning (1 dwelling per 250m2) with a height limit of 9m
* Dual living & currently on single title
* Two long term tenants in place
* Unit 1: Features: 2 bedrooms, 1 bathrooms & 1 Car. Currently leased until 27/01/2020 at $260 per week
* Unit 2: Features: 2 bedrooms, 1 bathrooms & 1 Car, Currently periodical leased at $330 per week
* Nil body corporate fees
* Current market appraisal is estimated at approx. $640 - $660 per week
* Total weekly return is currently $590 per week or $30,680 PA
* House is set well back off Central street
* Approx council rates $2,224 PA
* Approx water charges are $1,856 PA
Please contract Rob McGregor on 0448 208 810 for further information and to arrange an inspection.
