Located on a prime 1310m2 site in popular Old East site is this older-style home in need of renovation but with real charm, along with four separate structures that provide additional housing and storage options; this could suit the extended family, collaborative communities/friendship groups, tradies/renovators, or developers as block is zoned for Multiple Dwelling (MD).
•1310m2 prime site in popular Old East Side, zoned MD
•4-bedroom, 3-bathroom character home needs some TLC
•4 separate structures at rear of site provide extra options
•1 x demountable with kitchen, 1 x 2-bedroom block building
•1 x steel clad building with 2 bedrooms + amenities block
•Renovate home and rent out others to family/friends
•Current DA in place to build 4-units onsite (plans available)
•One site – so many possible uses for a variety of buyers
•Walk to local schools, Club Eastside, IGA, CBD, University
•Exceptional investment with great income potential!!
Onsite there is a generous sized four-bedroom home with three bathrooms, a kitchen with three sinks and two ovens, separate lounge and dining, and full-length rear verandah. Whilst the home needs some TLC; it does have character and features include natural stone flooring, handsome fireplace and mantle in lounge, numerous split system AC units, and the piece de resistance – a funky ensuite off master inspired by the iconic Australian corrugated iron rainwater tank!
In addition to the home, at the rear of the site, there is a steel-clad building with two bedrooms and verandah; an old block work building with two bedrooms, a demountable used as a second kitchen/dining, and an amenities’ block with a laundry, two toilets, and two showers. Currently
these buildings are uncertified.
Altogether, as is, there are eight bedrooms, five bathrooms, and two kitchens…so there are clear options via rental income, or a communal type set up with family and friends – when the backpacking market is buoyant again (post COVID19); it is the perfect set-up for backpackers/transient workers.
It is also worth noting the there is a DA currently in place for the construction of 4 x four-bedroom, 2-bathroom units; however, there is a variety of configurations that would suit this block. With no rear neighbours, access to the site during construction is effortless.
You could renovate the existing house and knock down the other structures and build 2 or 3 units, or with some tidying up and elbow grease rent out entire site and generate income and land-bank for future profit, keeping in mind the long-term development potential.
One site, many options!
Property Type - House
Land Area - 1310m2
Council Rates - $4,432.96 p/a
Contact Agent to arrange inspection