5 bedroom home on 1035sqm of R3 zoned land
The development possibilities for this property are quite extensive and for the astute investor may create a wide variety of income. The R3 site is 1035sqm and subject to council approval (STCA) allows for many different development options such as townhouses, multiple room boarding house, childcare centres, retirement & over 55’s complexes, and much more. Local architects have outlined the site may hold up 5 townhouses on this site alone STCA. The property is only a few hundred meters from the entrance of the University of Western Sydney Kingswood Campus, approximately half a kilometre from Kingswood Station, and approximately 1km to the Nepean Hospital.
Currently 18 Edna Street holds a large and well-built 5 bedroom home that has been very well looked after with not a cent to spend. The home could easily return $550 per week rent as is. Or split the current layout in half offering dual income of a 2 bedroom 1 bathroom flat and a separate 3 bedroom 1 bathroom house which would return approx. $750 per week rent combined STCA. Or even convert the home to a boarding house for maximum rental return STCA.
The home consists of a main bedroom with walk in wardrobe, ensuite and access to a 5th bedroom that could also be used as a nursery or study. There is a formal lounge, formal dining area and informal living room/rumpus room. The kitchen is well appointed and very large plus the main bathroom offers 3 way access perfect for large families. The house is double brick, it has 9ft ceilings, combustion fire place, built in wardrobes, alarm, a double garage, plenty of additional off street parking, air conditioning and a very private yard with pergola area.
Even more interesting is the recent development applications approved in the area for boarding house development. Boarding House developments are being approved in the immediate vicinity to the University and some have been approved for up to 22 rooms on one block. These boarding houses rent mainly to university students and Nepean Hospital staff for approximately $230 per week - per room. Around the corner on Edward street a boarding house has been approved for 16 rooms on a 639sqm block. That’s a massive potential rent return of $3680 per week. Imagine the possible rent returns of a similar development on a 1615sqm parcel of land. This development is not the first of its type, to be specific 53 Second avenue, 10 Manning street and 2 Edward street to name a few, and with demand for this type of rental accommodation growing in the area (particularly from the expansion of the University and Nepean Hospital) there is an obvious need for such developments.
The owners are open to delayed settlements of up to 18 months, perfect for any developers or investors looking into the council approvals to maximise their investment.
Should you require a larger development site the owners next door are also looking to sell contact Andrea on 0425 303 324 for further details.