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SOLD
38-40 & 42-54 Burnt Street, Nunawading, VIC 3131
Development Potential
DETAILS
An Opportunity as Vast as the Frontage - EOI Closed, Offers Under Review

POINT OF INTEREST:

There’s a reason this brilliant piece of Nunawading hasn’t been on the market for 60 years. Undoubtedly the best bang-for-buck, this addition to your current portfolio will immediately start paying itself off.

With over 8,000 sqm* of residential land and 50 dwellings in this coveted suburb, the spectrum of opportunity for this investment is as vast as the frontage, clocking in at 148 m*. An easy candidate for small enhancements to "add value", a once-in-a-lifetime redevelopment opportunity for new townhouses, apartments, or perhaps aged care housing, or simply a prime investment as it is —  this is a rare, massive offer of assets with grand potential.

At 38-40 Burnt there are eight single-level villa units with two bedrooms and one bathroom, and at 42-54 Burnt you’ll inherit 42 flats, also with two bedrooms and one bathroom, and seven two-storey buildings – all including a covered car space. The point of difference: the property is already bringing in $525,000 of diverse income annually from multiple tenants, with the opportunity to fully lease and bump this up to $678,000. An extraordinary allowance of consistent income while you plan this site’s next life will pay off in dividends.

Regardless of what is in this property’s future, the value of its location will only rise. Nunawading train station is merely 550 m* away with Lilydale and Belgrave lines, and the 901 bus route on Whitehorse Road takes you all the way from Frankston to Tullamarine Airport. Only 100 m* from the community hub, 100m* to the Nunawading homemaker precinct, a seven-minute drive to Eastland shopping centre, and you’re surrounded by bike paths, Blackburn Lake Sanctuary, and Walker Park. 

-    8059 sqm* (over 2 acres) of land across three titles.

-    50 dwellings of circa 1960/70s construction.

-    Current income of $525,000 per annum

-    Potential for $678,000 fully leased income per annum.

-    148 m* of north-facing frontage

-    54 m* Eastern boundary frontage to Feiglin Park / Burnt Street Reserve.

-    Favourable General Residential Zone (GZ1) within the City of Whitehorse Planning Scheme

-    550 m* from Nunawading train station.

-    4.88 km* from Eastland shopping centre.

-    18.3 km* from Melbourne CBD.

POINT OF VIEW:

If you’ve been around the (investment) block before, this is that portfolio-enhancing purchase that’s a complete game-changer. Don’t sleep on it.

 

Remember to mention you found this property on DevelopmentReady.com.au

DEVELOPMENT SITE SUMMARY
EOI:
EOI:
Contact Agent
AUCTION DATE:
8 Dec 2021 02:00PM
Property Area
AREA:
8059 m² (*approx)
Property Type
TYPE:
Residential, Apartment Sites, Townhouse Sites, Apartment Sites, Townhouse Sites
Development Potential
DEVELOPMENT APPROVAL:
Exciting Development Opportunity (STCA)
Property Paper
View Statement of Information:

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38-40 & 42-54 Burnt Street, Nunawading, VIC 3131

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