PRD Palm Beach

40-42 Palm Beach Ave, Palm Beach, QLD, 4221

07 5534 6044

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PRIME DEVELOPMENT SITE!

PRIME DEVELOPMENT SITE!

Property ID: 946429

PALM BEACH 14-18 Twenty Eighth Avenue

Listing Rooms13
Listing Bathrooms6
Listing Parking6

Sold FOR $2,800,000

A rare opportunity has presented itself to acquire a blue chip development site in a prime Palm Beach location within close proximity to the beach and Tallebudgera estuary.

The 1,215m2 site currently offers existing improvements that include a block of four renovated, fully tenanted flats and an adjacent free standing four bedroom house. The combined site offers an excellent rental return while planning for possible future development.

The versatile site has a code assessable land use allowing a possible multi-unit development (subject to Council Approval).

• Current zoning, RD5, 29m height limit;
• Total land size, 1,215m2 with a 30m road frontage;
• Current rental return for the flats, $81,900 per annum, fully leased;
• Estimated rental return for the house, $39,000 per annum;
• Total estimated rental return for the site $120,900 per annum;

The prime site is in an excellent location, walking distance to the beach, Tallebudgera Surf Club, Tallebudgera estuary, local shops, restaurants and public transport.

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Suburb Profile

Median Unit Price

600000

Suburb Growth

9%
Peak Sale Month - March
Peak Sales - 19