Blue Chip Real Estate Opportunity
This solid brick complex of six apartments is ideally located in the heart of Newmarket, just moments to trains, parks, schools and major shopping amenities. It is well presented with some tasteful upgrades and all units are in great condition, currently tenanted and earning an excellent return.
The building sits on a large 951sqm allotment and holds many potential opportunities for further development to increase the return. There are four 2-bedroom and two 1-bedroom apartments that each feature spacious living spaces, well equipped kitchens and double bedrooms. There is also parking for each property with well-maintained carports.
Currently:
The property offers a strong income generating prospect with a gross return of approximately $86,000 pa with the potential to increase revenue through renovation or further development (STCA).
Option 1:
Subdivide the existing allotment to create two allotments of approximately 475m2 each (STCA). Requires Code Assessment against the provisions of the City Plan
Option 2:
Build four townhouses similar to what has been done on the adjoining property to the East (STCA). Requires Impact Assessment (Public Notification) against the provisions of the City Plan.
Features include:
- Entire boutique bock of six apartments
- Four 2-bedroom and two 1-bedroom layouts
- A 951sqm block with plenty of onsite parking
- All units currently leased and in great condition
- Generating a gross return of approx. $86, 000 per annum
- Close to Newmarket Village and Reading cinemas
- Walk to Newmarket and Wilston train stations, parks, schools and shops
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