Indicative Sale Price: $520,000 - $560,000
This very unique property sits at the foot of Forest Lane, positioned midway between Forest Street and View Street in central Bendigo. For "Bendigonians" and well informed buyers, this opening sentence is superfluous; they know the value of the location at first sight. For those who rely on some local knowledge, trust me when I say, this is a hot bit of real estate!
In addition to the impressive location, here there are two houses on the one block. The 915m2 (dual occupancy) property comprises a super-quaint Cal Bungalow style home to the front, and a versatile, brick house to the rear. For those in the know, they can see the value here beyond what initially meets the eye. For those who rely on professional knowledge, trust me when I say, there is potentially a greater "highest and best use" (HBU) on offer here.
The concept of HBU in real estate, is that for a property to achieve its greatest potential and therefore $ value; it ought to be put to its best legal, physically possible and financially feasible use. Cutting to the chase - I'm suggesting there's scope for subdivision, subject to council approval. But I'm also suggesting that the HBU may be "as is"; but transformed.
By "transformed" I mean transforming the front home, retaining the facade and period charm, while creating a new, modern home, worthy of this prized location.
The position here is "uptown Bendigo" in every sense, neighboured by homes that proudly showcase their stunning historic facades, but which have enviable modern interiors and extensions.
Both houses have 15 years of strong rental history under the management of our team, Elders Property Management. You may choose to lease the rear house immediately, and use the income to offset your investment, while transforming the front house. Once ready to occupy the property yourselves, the rear house has so much potential:
Think - space for extended family
a place for guests
parent's retreat (or young adult)
Airbnb
home office
hobbies, gym, rumpus
home business: streaming cooking lessons, fitness classes, tutoring,
coaching or mentoring; all from the comfort of your home based empire!
There is a Metropolitan Melbourne ambience and charisma about this area which is certain to appeal to the young and the young at heart. But you don't need to stroll far to be reminded of the regional city values and community that we hold dear. Values that you will be immersed in, by the immediate access to the arts, theatres, sports, restaurants, cafes, gyms, medical services, transport, shops, parks, public spaces and more.
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