*For an in-depth look at this home, please click on the 3D tour for a virtual walk-through or copy and paste this link into your browser*
Virtual Tour Link: https://shorturl.at/b27Le
To submit an offer, please copy and paste this link into your browser: https://www.edgerealty.com.au/buying/make-an-offer/
Mike Lao, Tyson Bennett and Edge Realty RLA256385 are proud to present to the market a once in a lifetime investment opportunity with a block of six solid brick units on an expansive 1,271sqm single Torrens titled allotment merely 6 km North East from the Adelaide CBD. Rarely will you find such an impressive land holding of such proportions with over 24m frontage and 52m depth giving you endless future development opportunities simultaneously with a generous rental return from six separate income streams.
Beautifully maintained, each solid brick unit features 2 bedrooms, a spacious open plan living, meals and kitchen area, bathroom and a separate laundry generating a generous $2,510 gross income per week and $130,520 per year. Unit 1 has had recent renovations to the kitchen and bathroom.
Current lease information are as follows:
Unit 1 Weekly rental income $480 until 16/5/26
Unit 2 Weekly rental income $400 until 5/6/26
Unit 3 Weekly rental income $400 until 21/1/26
Unit 4 Weekly rental income $430 until 15/2/26
Unit 5 Weekly rental income $400 until 6/9/25
Unit 6 Weekly rental income $400 until 7/3/26
With market rental rates of $510-$550 per week for an updated 2 bedroom unit and $430 to $450 per week for ones in good original condition, astute investors can reap an instant income uplift to over $140,000 per year once the leases are renewed. Alternatively, renovate and revalue to realise the property's full potential income of over $170,000 per year while simultaneously enjoying tax depreciation benefits and equity increase to reinvest. There is also an opportunity to strata title and sell the units separately - the choice is yours!
Offering lucrative land banking value over the long term, this property will enjoy significant capital growth potential in a highly sought after and gentrifying suburb.
Developers will love the perfect rectangular dimensions of flat, easement free and clear land with a wide frontage zoned General Neighbourhood for exceptional subdivision and development potential.
Perfectly positioned, this property is a short walk to Payneham Oval and playground, EAP tennis club, Payneham community centre, and local bus stops. Shopping is effortless with Marden Shopping Centre (3 minutes), Firle Plaza (5 minutes), The Parade Norwood (6 minutes), and Rundle Mall (12 minutes) all nearby.
Families will appreciate zoning for Trinity Gardens School and Marryatville High School, plus proximity to prestigious schools like St Joseph's Payneham, Pembroke, St Peter's College, and Wilderness. With tree-lined streets and unmatched connectivity, this property is a rare gem promising investors and developers a lucrative foothold in a thriving rental market with significant upside for capital growth and future development.
Call Mike Lao on 0410 390 250 or Tyson Bennett on 0437 161 997 to inspect!
Year Built / 1970 (approx)
Land Size / 1,271sqm (approx - sourced from AutoCAD)
Frontage / 24.44m (approx)
Depth / 52.3m (approx)
Zoning / GN-General Neighbourhood
Local Council / City of Norwood Payneham & St Peters
Council Rates / $1,294.61pa per unit (approx)
Water Rates (excluding Usage) / $1,194.53pa (approx)
Es Levy / $259.95pa (approx)
Current Rental / $2,510pw in total
Title / Torrens Title 5795/603
Easement(s) / Nil
Encumbrance(s)/ Nil
Unit Size / 68.6sqm per unit (approx)
Construction / Solid Brick
Gas / Not Connected
Sewerage / Mains
For additional property information such as the Certificate Title and Rental Appraisal Letter, please copy and paste this link into your browser: https://vltre.co/ujDnJp
Want to find out where your property sits within the market? Receive a free online appraisal of your property delivered to your inbox by entering your details here: https://www.edgerealty.com.au/
Edge Realty RLA256385 are working directly with the current government requirements associated with Open Inspections, Auctions and preventive measures for the health and safety of its clients and buyers entering any one of our properties. Please note that social distancing is recommended and all attendees will be required to check-in.
Disclaimer: We have obtained all information in this document from sources we believe to be reliable; However we cannot guarantee its accuracy and no warranty or representation is given or made as to the correctness of information supplied and neither the Vendors or their Agent can accept responsibility for error or omissions. Prospective Purchasers are advised to carry out their own investigations. All inclusions and exclusions must be confirmed in the Contract of Sale.
