Newtown 103A Coromandel St

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$1,215,000

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$$$ Smells like Money!! $$$

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$$$ SMELLS LIKE MONEY!! $$$
WANTED: Developers, builders and investors with a hankering for strong holding income and HUGE potential.

This was once a grand family home, constructed of the finest quality materials and rich in character (think marble steps, stone block construction, parquet flooring, character ceilings and fireplaces). My sellers have owned the property since the mid 1970s and raised their family of 11 here. In 2009 they converted it into a good quality rental investment. With the size of the rooms, the quiet location and the proximity to hospital, shops and buses, it is always in demand from tenants, with high occupancy rates, some staying for several years.

A 1-bed cottage is included, separately rented, and it is all set on very generous and sunny grounds, with room for several cars.

MAIN HOUSE
Currently configured as 8 bedrooms, each room rented separately on long term (circa 12 month fixed) tenancy agreementsAll but one room are large, many are HUGELarge modern kitchenLarge separate lounge3 bathroomsGenerous sunny courtyardCirca 330sqm floor areaExisting rent $1,800pw (inc power)
SEPARATE COTTAGE
1-bedroom 1 bathroom Open plan kitchen / living Circa 40sqm floor area Existing rent $285pw until Jan 2016
TOTAL CURRENT RENT $2,085pw = $108,420pa (GROSS)

DEVELOPMENT POTENTIAL
Site area is 1,146sqm (more or less) You can build a total of 573sqm of site coverage Surveyors scheme plan available showing possible potential for up to 5 new townhouses on the spare landNew, good quality rentals in Newtown are very highly sought after by medical staff in particular
OTHER DETAILS:
2012 RV $1,000,000 Rates $5,020.39pa
This is an iconic piece of Newtown history, just waiting for you to realise your vision and get the full potential from it. These opportunities do not come around often. Contact Adam for more information, and be ready for tender day!