$$$ SMELLS LIKE MONEY!! $$$

WANTED: Developers, builders and investors with a hankering for strong holding income and HUGE potential.

This was once a grand family home, originally constructed by the town engineer (I believe) 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 children here. In 2009 they renovated and converted it into a good quality rental investment. With the size of the rooms, the quiet location set back from the road, and the proximity to hospital, shops and bus routes, there is no surprise that it is always in hot demand from tenants, with very high occupancy rates and some tenants staying there for several years.

There is also a self contained 1-bed cottage included, separately rented, and it is all set on very generous and sunny grounds, with room for several cars, set back from the road for good privacy and quiet.

MAIN HOUSE
* Currently configured as 8 bedrooms, each room rented separately on long term (circa 12 month fixed) tenancy agreements
* All but one room are large, many are HUGE
* Tenants are mainly long term residents who want a stable home
* Large modern kitchen
* Large separate lounge
* 3 bathrooms
* Grand entrance foyer
* Generous sunny courtyard
* Circa 330sqm floor area
* All rooms rented until Jan / Feb 2016
* Existing 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
* Total site area is 1,146sqm (more or less)
* Zoned Inner Residential
* 50% site coverage means you can build a total of 573sqm of site coverage
* Height limit 10 metres (3 levels)
* Surveyors scheme plan available showing possible potential for up to 5 new townhouses on the spare land (necessitates the removal of the self contained cottage)
* New, 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!