2 Mawarra Street, Palm Beach QLD 4221

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)

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