A Golden Waterfront Opportunity

Located right on Lake Illawarra's foreshore this unique property sitting on 1916m2 (approx) of land is as rare as they come. One of the only 'True' waterfront properties in the Illawarra with direct access to the Lake these opportunities only come around once in a decade.
Currently consisting of 5 * 2 bedroom units & 1 * 3 bedroom unit the property has an annual rental income of approximately $120,000 per annum. There is a multitude of different development options with this property (STCA).
Some of which include:
- A 6 lot strata subdivision of the current units
- A Luxurious 5 lot townhouse/villa development with it's own private jetty (would be the first of it's kind in the Illawarra, an example of what you can do is the townhouse/villa development 2 doors up. Almost identical block with 5 spacious villa's /townhouses on it. Just not the space for a jetty)
- Knock down & build your own Luxurious home on the waterfront & park your boat in your own backyard, on your own private Jetty!
- Keep the property as is & increase the rent's & do some renovations to increase your current returns.

A break down of the current unit's & tenancies is as follows:

Unit 1
2 bedrooms
1 bathroom
1 Carport
Good Condition
Current Rent: $355pw (This tenant gets a discount as he maintains all the lawns & gardens as part of his rent)
Market Rent: $430pw
Long Term Tenant: Been there for 6 years & wants to stay on

Unit 2
2 bedrooms
1 bathroom
1 Carport
Good Condition
Current Rent: $340pw
Market Rent: $400pw
Long Term Tenant: Been there for approximately 20 years or more & wants to stay on

Unit 3
2 bedrooms
1 bathroom
1 Carport
Fully Renovated approximately 7 years ago
Current Rent: $385pw
Market Rent: $430pw
Tenant: Been there for approximately 2 years and wants to stay on long term

Unit 4
2 bedrooms
1 bathroom
1 Carport
In original condition
Current Rent: $360pw
Market Rent: $410pw
Fully renovated rental price: $500pw
Long Term Tenant: Been there for approximately 30 years & wants to stay on

Unit 5
2 bedrooms + study area
1 bathroom
1 Carport
Renovated approximately 8 years ago
Current Rent: $400pw
Market Rent: $460pw
Long term tenant: Been there for approximately 8 years & wants to stay on

Unit 6
3 bedrooms
1 bathroom
1 carport + additional parking space
Fully renovated 6 years ago
Current Rent: $460pw
Market Rent: $550pw
Long term tenant: Been there for 6 years and wants to continue on

Current combined annual rent = $119,600
Current achievable market rent = $139,360

Inspection by Appointment Only!

Features