37 Charles St, Iluka NSW

Built as a 3 unit block of flats for holiday makers, I've sure given pleasure to many over the years. Over the past 20 or so years however I've matured and with it, my stable tenants are all long-term permanent residents. I guess it's true to say that time has wearied me' but time also creates opportunity and renewed prospects.

A few years ago I was purchased by a young starry-eyed couple with plans to totally rebuild; utilising my commercial zoning to realise their dream to own a back-packer hostel with cafe out front. Alas, the recession we had to have' overtook intent and instead, a minor make-over is all I received to my insides.

Situated only about 100 meters from that beaut Iluka Bay, a short walk to the ferry wharf or to school and only a few paces from the shops, I offer all the convenience people seek. Inside this weathered exterior are 2 separate 2 bedroom units plus a 1 bed unit, each quite roomy and offering renovated kitchen and bathrooms. There's 1,012m2 of land, huge old trees for shade, some out buildings and plenty of parking.

Today my satisfied tenants remain in hope a new owner will leave all in place and be happy with a safe return of 4.6% net - plus an option for future development. But then again, today Iluka is already in development mode with increased population growth creating the implementation of a new sewerage utility, vastly improved community facilities, renovated clubs and even that old landmark the Sedger's Reef Pub is about to get a make-over.

Today Iluka is increasingly booked out with eager tourists wanting a better class of accommodation, so perhaps my new owner will adopt that existing dream to redevelop me; taking advantage of the size of land, the position and zoning. What's certain, is that I exist as an outstanding opportunity for the smart investor to purchase a property offering stable occupancy returning $400.00 per week and ALSO presenting an outstanding site for future tourism development.

Personal circumstances of my current owner have delivered me to the market. Once proud and admired; today I am sacrificed at an embarrassingly low price and an uncertain future. If you're an astute sensible investor, please SAVE ME! Please.