Hi-Rise Development Opportunity or Land Bank and enjoy the income. Developers and investors take note, this site has loads of potential and is great value too. This property is located approximately 150m from the beach and any future hi-rise development will capture incredible panoramic views taking in the ocean and the hinterland. The site has two street frontages giving great vehicle entry options for future development The average land price in Palm Beach for hi-rise development sites like this exceeds $3000/m2. These sellers are only asking $1,500/m2 approx. That's incredible value buying. - Total Land Size: 2405m2 - GCCC Zoning: RD5 - Medium Density Residential - Building Height: 29m* - Residential Density: 1 bed/50m2* - Land Price/m2: $1,538 approx Existing dwellings are two adjoining unit blocks - One low set building. One double story building - Eight units in total (5 x 2 bedroom units - 3 x 3 bedroom units) - All units have one bathroom each - All have single lock up garage (6 with internal access to units) - All are in good condition. Some are renovated. - 5 units are owner occupied - 3 units are tenanted - Potential rental income: $180,000pa approx. - Outgoings: $49,000pa approx. - Professionally managed strata Make no mistake, this is a magnificent redevelopment opportunity now, or to land-bank for redevelopment later on, or add to your long-term investment portfolio. Call now for more information (* potential for development relaxations, subject to council approvals) Disclaimer: All information (including but not limited to the property area, floor size, price, address and general property description) is provided as a convenience to you, and has been provided to LJ Hooker by third parties. LJ Hooker is unable to definitively confirm whether the information listed is correct or 100% accurate. LJ Hooker does not accept any liability (direct or indirect) for any injury, loss, claim, damage or any incidental or consequential damages, including but not limited to lost profits or savings, arising out of or in any way connected with the use of any information, or any error, omission or defect in the information, contained on the Website. Information contained on the Website should not be relied upon and you should make your own enquiries and seek legal advice in respect of any property on the Website. Prices displayed on the Website are current at the time of issue, but may change.