This complex has already been started with its current 3 units but there is room to boost your potential income and develop 4 more units.
The existing units are currently leased and the property can be sold with tenants or as vacant possession.
With the current market in Bridport this unit complex has so many options to successfully earn $46,500 per annum, as it sits today (subject to market value), with a rental yield of 6.78% per annum (approximately, subject to market changes).
Option 1) With the potential to strata title the existing units and land, the price in today's market would certainly surprise you with what profits are available to take advantage of.
Option 2) develop the vacant land (STCA) and build another 4 units. Rent them out and triple your investment.
Option 3) Title individually current dwellings and vacant land and sell them off at approximately vacant land price of $65,000 (subject to today market as 8/4/2019) and the current dwellings at approximately $220,000, (subject to today market at 8/04/19) $250,000 and $220,000 (STCA).
The opportunity to make a profit is inevitable with the ability to take so many options. Do the sums yourself and see the potential.
This property is like finding a needle in a hay stack, but here it is, ready for someone to continue to take advantage of and continue their good fortune.
As Bridport is very limited to land vacancies and the possibilities to build, this land will be very sort after to the home builder or developer, with the land in Bridport nearly fully developed and/or occupied with dwellings the land will be hot property.
Peter Lees Real Estate has used a variety of sources to obtain information relating to this property. We believe all are reliable sources and have no reason to doubt the accuracy of the information, however we cannot guarantee it. Prospective purchasers are advised to make their own enquiries.