Seldom does the opportunity arise to purchase a small block of flats within meters of the waterfront.
With a large level 678m2 block and being surrounded by prestige properties, this is a stand out opportunity for investors, superfunds or development.
Unit One is a three bedroom unit, with large living area, kitchen to the rear, front deck and shared laundry to the rear. There is plenty of off street parking available. This unit is currently rented at $345.00 a week.
Unit Two is a two bedroom unit, with a generous living space, front deck, two good sized bedrooms and the shared laundry to the rear. There is plenty of off street parking with the unit rented at $300.00 a week.
The combined return is $645.00 a week.
With some renovations and improvements the weekly income could be aggressively increased.
The current owner purchased the property with a view to building a family home. The DA Plans (that have expired) show a stunning residence, to 8.5 meters high, that would have offered panoramic views over Moreton Bay.
The new town plan allows homes to be constructed to 9.5 meters height, offering the resident amazing unrestricted views over Moreton Bay from the top floor.
This location offers the new owners the ability to hold and achieve a strong rental return for the property while developing plans for a new dream home that could be the envy of all others in the area. Given sales history in the street and precinct of well in excess of $1.2m for homes that have been constructed on small lots (frontages of 10m), the potential to build a stand out property for the area without the inconvenience of living on the Esplanade over weekends this is certainly worth viewing and seriously considering.
A copy of the lapsed Development Approval is available to prospective purchasers to review.
A fantastic investment opportunity to purchase approved flats that could be further improved or the site of your new dream home so close to the Esplanade without the challenges of Esplanade living.
Call Bob Trendle now for your private viewing.