Nestled in the up-and-coming suburb of Ottoway, this remarkable property presents a unique development opportunity that is ripe for investors and developers alike. Spanning approximately 1018 square meters, the land has already been subdivided to accommodate three community-titled properties, making it an exceptional project with the groundwork laid for immediate initiation. With established plans in place for two new builds on the 232 square meter blocks at the rear, the potential for growth and return on investment is substantial.
Complementing this development potential is an existing residence set on approximately 322 square meters. The home boasts three bedrooms and one bathroom and has recently undergone updates that enhance its appeal. The current tenancy at $495 per week underscores the property's immediate income potential, making it a strategic asset for rental income while future building plans come to fruition. The house melds comfort with convenience, offering an enticing living space alongside the expansive prospects of the rear lots.
Notable features of the property include:
- Subdivision in place for three community-titled properties
- Two rear blocks, each approximately 232 square meters with plans for new builds
- Existing home on approximately 322 square meters, comprising 3 bedrooms and 1 bathroom
- Recent updates to the existing home with a current tenancy at $495 per week
- Single garage providing secure parking
- Air conditioning for year-round comfort
- Close proximity to schools, enhancing appeal for families
- Easy access to transport, ensuring convenience for commutes
- Maintained condition with satisfactory materials used throughout the property
This Ottoway gem is a rare find that offers both immediate and future advantages. The established plans for the additional builds at the rear give visionaries a tangible pathway to capitalize on the growing demand in the area. Simultaneously, the well-maintained existing dwelling ensures a steady income stream or a comfortable home base. Those with the foresight to see the untapped potential will seize the opportunity at 89 May Terrace, where development prospects couple with lifestyle advantages to create an investment of undeniable value.
Disclaimer:
Any prospective purchaser should not rely solely on 3rd party information providers to confirm the details of this property or land and are advised to enquire directly with the agent in order to review the certificate of title and local government details provided with the completed Form 1 vendor statement. All land sizes quoted are an approximation only and at the purchasers discretion to confirm. All information contained herein is gathered from sources we consider to be reliable. However, we cannot guarantee or give any warranty about the information provided. Interested parties must solely rely on their own enquiries. RLA 175322