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505 Drummond Street South
redan
VIC, 3350

SOLD

Sold for $365,000

listing rooms 4
listing bathrooms 2
listing parking 6
Land: 1170 sqm

Elusive Development Opportunity

Close proximity to Ballarat CBD and a rare offering with full planning approval for a 2 lot subdivision (Planning Permit No PLP/2011/007)
This development comes with plans for a comprehensive renovation of the existing home and a complete set of plans for a 4 Bedroom Home of approx 26sq that can be constructed on the rear allotment. Alternatively renovate and extend the original home and convert the Large Shed into an income producing Modern Apartment.
This is a unique scenario where you can purchase now and enjoy the rental return of $385pw on a fixed term lease while you plan your building schedule. These are stable long term tenants happy to stay as long as they can.
Developers have a readymade project as all of the planning and design has been done; start when it suits you.
The existing home has loads of potential and the prospect of a simple 2 lot subdivision will attract a host of potential buyers to this rapidly evolving location. These unique development opportunities are now more difficult to secure within close proximity of the City Centre.

Please contact Don Hanlon for a complete memorandum of information, sewer plans, technical drawings and access arrangements

Agent

About redan

median house price

447750

suburb growth

21.0%

median house rent

270

suburb rental yield

3.1%

Similar Properties

Source: Suburb Flyover Report Series, APM Pricefinder. PRD does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the Information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRD will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Prepared by PRD Research © All medians and volumes are calculated by PRD Research. Use with written permission only. All other responsibilities disclaimed.

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