Four semi-detached houses in Elizabeth Downs have been bought as a package in a $1.825 million deal.
The adjacent properties at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd attracted 16 registered bidders at the highly anticipated auction on Sunday.
Exp Real Estate sales agent Krish Gajera said half of registrants bid on the unusual offering, with a developer securing it when the hammer fell.
“They are a developer, but they will keep the property for one or two years (before redeveloping),” he said.
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Four adjacent properties in Elizabeth Downs were sold at auction for $1.825 million.
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They can be divided into seven to twelve properties.
“I think the main attraction was that it’s a large site and it has two different street frontages.”
He said they expected to sell the four properties for a combined value of $1.7 million.
Concept plans showed that the homes could be demolished and the buildings divided into seven allotments.
But Mr Gajera said ahead of the auction that savvy developers could put as many as 12 units on the combined 2,053 square meter landholding, subject to council approval.
“That (plan for seven allotments) is a concept plan that is easily feasible, but many people are building (even) smaller houses (than proposed in the concept drawings),” he said last week.
“If you come up with a different plan with the municipality, you might be able to put in ten or twelve units – maybe more.”
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The houses at 5 and 7 Turnbull Rd.
The houses at 6 and 8 Johnston Rd.
Two of the properties are currently rented on a periodic basis and the lease on a third expires next month, Mr Gajera said.
The fourth home was only recently vacant.
Mr Gajera said the properties have the potential to deliver combined rental income of $1,750 per week – or $91,000 per year.
If each home is renovated, up to $200 more per week could be earned, he said.
– with Lauren Ahwan
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