Approved boarding house on Sydney's stunning Northern Beaches
* Land size: 863m2 * DA approved for 37 rooms (35 double rooms & 2 single rooms) & Commercial space * Potential Net Return once fully completed = $864,000 + GST * No basement level parking, required parking at grade level * Unique position for a Build-To-Rent opportunity * Great unit layout mix with 6 courtyard units and 23 balcony units * The site itself offers a great frontage onto Condamine Street and is peacefully nestled amongst trees to the rear * Opportunity to diversify your investment portfolio or development pipeline * Gateway suburb with huge tenant demand due to close proximity to Manly, B Line Bus & Spit Bridge * Strong population and demographic trends in Manly Vale & Balgowlah * Exponential rental growth and capital appreciation forecasts for the region * Site is primed for development and no demolition required * 6 car spaces included, internal lift access, shared top floor common room with balcony and ground floor 40m2 (approx.) commercial/retail space * Carefully designed by the award winning - Gartner Trovato Architects
Upstate, as the exclusive selling agents, are pleased to offer this outstanding DA approved development opportunity situated in the highly desirable and constantly evolving suburb of Manly Vale.
There is a unique opportunity to purchase the last remaining undeveloped vacant block of commercially zoned land in Manly Vale/Balgowlah. Offering a chance for an astute developer to acquire a site without any demolition needed, this 863m2 parcel of land is primed for construction right away. Purchase and either rent and hold or on-sell as a completed asset with a strong rental return.
The site is strategically located on the border of both Manly Vale and Balgowlah, suburbs with great accessibility and connectivity with greater Sydney but also strong demographic future trends. The property is within close proximity to Stockland Balgowlah Shopping Centre, Woolworths, Coles, Bunnings, B-Line bus stops and Warringah Mall making it a great location for prospective tenants.
Available on request via a shared link is all due diligence information including: * Information Memorandum * DA Documentation * Land & Environment Court Documentation * Outgoings * CGIs * Projected Income & Expenditure
The property is being offered For Sale via Expressions of Interest.
For any further information, please contact Vincent West on 0403 444 000 or Oliver Rosati on 0428 877 888.