82 Selwyn Street, Merewether, NSW, 2291, Australia

Auction Location: 2/16 Telford Street, Newcastle East & Live via Buy.Realtair.com

This spacious 682sqm landholding, fronting both Selwyn Street and Little Edward Street, is a gem waiting to be polished. Currently, there are four leased units on-site, generating a steady income of $1,470 per week. It's the perfect 'set and forget' investment for savvy investors, ready to keep delivering steady returns.

But the real magic lies in the potential. Carry out some cosmetic updates or go for a complete renovation to elevate the rental income even further. Plus, there's an exciting opportunity with the lapsed Development Application to add a second dwelling. Investigating and reactivating this DA could allow you to build a fifth unit, transforming this property into a more lucrative investment.

Developers will love the block's size and its three street frontages. Zoned R2, the options are plentiful. Think luxury beachside home or duplex, complete with all the bells and whistles, or a new multi-unit development befitting this prized location (STCA). With the demand for quality housing in Merewether, this is an opportunity you don't want to miss.

Merewether is Newcastle's most coveted postcode. It's a cool, coastal hotspot, boasting beautiful beaches, a brewery, oceanfront eateries, and a vibrant surf culture. The area is packed with amenities, from a private hospital and retail shops to an assortment of eating and drinking venues. Streets here are lined with exclusive homes that have set real estate records. Home to the oldest lifesaving club in the Hunter region, Australia's most successful board riders club, and the largest ocean baths in the southern hemisphere, Merewether is a community rich in history and vibrant living.

 682sqm block fronting Selwyn Street and Little Edward Street, zoned R2
 2 x 2 bed units, 2 x 1 bed units all with a parking spot, returning $1470 pw
 Add value with renovation or investigate lapsed DA to add a fifth dwelling
 Consider new build or multi-dwelling opportunity to maximise block size (STCA)
 1km to Llewellyn Street shops and eateries, 1.7km to The Junction precinct
 5 minute drive to Merewether Beach, ocean baths and the buzzing Beach Hotel


*DA-approved multi-residential development opportunity
*4 units to be 'sold in one line' returning $1,470 per week
*682 sqm with 3 street frontages

Outgoings:
Council Rates: $3,904 approx. per annum
Water Rates: $3,216.54 approx. per annum

Current rental income:
Unit 1: 1 Bed, 1 Bath - $350 per week - Lease Expiry Date: 17 Jan 2023
Unit 2: 1 Bed, 1 Bath - $360 per week - Lease Expiry Date: 26 April 2024
Unit 3: 2 Bed, 1 Bath - $390 per week - Lease Expiry Date: 22 Jan 2025
Unit 4: 2 Bed, 1 Bath - $370 per week - Lease Expiry Date: 23 Jan 2023

Disclaimer:
All information provided by Presence Real Estate in the promotion of a property for either sale or lease has been gathered from various third-party sources that we believe to be reliable. However, Presence Real Estate cannot guarantee its accuracy, and we accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements in the information provided. Prospective purchasers and renters are advised to carry out their own investigations and rely on their own inquiries. All images, measurements, diagrams, renderings and data are indicative and for illustrative purposes only and are subject to change. The information provided by Presence Real Estate is general in nature and does not take into account the individual circumstances of the person or persons objective financial situation or needs.