Prime freehold investment with further development upside

This is an exciting opportunity to purchase an existing freehold investment with a solid return but with the added bonus of a DA for further development.

518 Old South Head Road is a mixed commercial residential building in the centre of the Rose Bay Shopping strip, 2 doors from the major intersection of Old South Head Road and Dover Road.

The Rose Bay shopping strip is close to the harbour foreshore and Bondi Beach, an about to undergo major transformation. There is one major commercial/residential development currently under construction in the strip and another about to commence construction. A further major redevelopment site in the strip has just been sold.

Currently consisting of a renovated ground floor shop (approx. 75sqm) plus a first floor 3 bedroom apartment with access to a large rear garden. At the end of the strip of shops, it is completely open to the northern side.

The property has full width rear lane access and parking for multiple cars.

Currently returning $94,600 (approx.) with scope for significant improvement.

Land size: 303.5sqm
Zoning: B4 mixed use
FSR: 1.5:1
Height limit: 14.5m

There is current development approval that includes:
- Renovation of the existing building to enlarge the shop to 110sqm
- Renovation of the apartment
- Construction of a second free standing building at the rear of the property consisting of a 4 car garage, large storage areas and a 75sqm 1st floor apartment.

I.M and D A plans available on request
Inspect by appointment

Contact

Alex Hart Real Estate Agent

Alex Hart

9371 8777

0418 245 018

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Property information

  • Type Residential Sale
  • Price SOLD

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