Tools book Information Memorandum
Property description
Ideally positioned in a tightly held coastal pocket, this exceptional property offers an attractive combination of strong immediate income and future redevelopment potential just moments from the sand and creek.
Set on a 688m² parcel with approximately 21 metres of street frontage, the site is zoned RD5 Medium Density Residential and benefits from a 29-metre height limit, allowing flexibility for a range of value-add or redevelopment outcomes, plus the potential for a 50% height limit uplift (STCA).
The existing improvements comprise of six renovated two-bedroom, 1 bathroom apartments, each thoughtfully updated to meet modern rental demand. Constructed in rendered brick and tile, the building presents as a low-maintenance and a solid investment with eight on-site car spaces, further enhancing tenant appeal.
The property currently generates an impressive $203,840 gross per annum, delivering a robust holding income while plans are made for future optimisation or redevelopment.
Lifestyle credentials are outstanding, with the beach located approximately 200 metres away and Tallebudgera Creek just 300 metres from the doorstep, placing residents within walking distance of some of the Gold Coast's most desirable natural amenities.
Key highlights
• 6 x renovated 2-bedroom, 1-bathroom apartments
• 688m² site with approx. 21m frontage
• RD5 Medium Density zoning with 29m height allowance plus the potential for a 50% height limit uplift (STCA)
• Rendered brick and tile construction
• 8 on-site car spaces
• Approx. 200m to the beach and 300m to Tallebudgera Creek
• 1982 build
• Units are strata titled
• All leases expire this year - 2026.
• Current return is $203,840 gross pa, however current market conditions indicate a potential return of $215,000-$220,000 gross pa.
• Returning a median unit price growth rate of approx.10% pa over 3 years and 15% pa over 5 years for Palm Beach. Source: realestate.com.au
• Total internal size: 395m2 plus parking
• Council rates: $16,776.36 pa
• Water rates: $7,733.28 pa
