Tricks and Twists
This property has a few tricks up its sleeve, as well as a few twists to the point it is difficult to know which option to run with! On offer is a character house that must be retained on 810m2 of land in a fabulous elevated inner-city location, with quality views to the North. In all honesty, it has to be worth the asking price or near it as a straight renovator house on a big block, however, you know us – we are never one to settle with straightforward! The site is zoned CR2 but comes with an approval to shift and raise the house, then build 3 townhouses behind it. This approval is geared towards by the room rental and could be your own personal gold mine, however, there are complications with this (read on to find out more!). An alternative option would be to reconfigure the dwellings to be more owner occupier friendly. Yet another option to explore would be to shift the house forward and do a rear lot subdivision, with land, especially in this area, incredibly hard to come by. There are positives and negatives to all options, and unfortunately no numbers are great, but what we can tell you is this sized block with these options and the inner-city location make for a good combo at the proposed $1.1m buy price. It is also off-market and on-market we think it would likely sell for more.