Four semi-detached houses in Adelaide’s north will cause a stir when they go under the hammer this weekend.
Up to 15 developers are expected to compete on Sunday for adjacent Elizabeth Downs properties at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd, Exp Real Estate sales agent Krish Gajera said.
Concept plans show that the homes can be demolished and the properties divided into a total of seven allotments.
But Mr Gajera said smart developers could put as many as 12 units on the combined 2,053 square meter landholding, subject to council approval.
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The four Elizabeth Downs homes at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd are being sold at the same time.
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They could be divided to accommodate seven to twelve additional homes.
The properties at 5 and 7 Turnbull Rd.
They have previously been rented out.
“That (plan for seven allotments) is a concept plan that is easily achievable, but many people are building (even) smaller houses (than proposed in the concept drawings),” he said.
“If you come up with a different plan with the municipality, you might be able to put in ten or twelve units – maybe more.”
Each pair of properties has been put up for auction separately, but based on buyer interest it would likely be sold as a whole, Mr Gajera said.
No price guide was advertised, but Mr Gajera said similar semi-detached homes were selling for between $430,000 and $480,000.
He said the seller, who had owned the properties for the past three years, would be happy with a combined sale price of $1.9 million to $2 million, but admitted strong interest was likely to push the final figure higher.
Two of the homes are currently rented on a periodic basis and the lease for a third expires next month, Gajera said.
The fourth home was only recently vacant.
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Each of the houses has three bedrooms.
The houses at 6 and 8 Johnston Rd.
The auction will take place on site.
Developers are showing great interest prior to auction day.
He said the properties had the potential to yield a 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.
Mr Gajera said it was rare for such a large landholding to be offered and described the sale as a “once-in-a-lifetime opportunity to acquire a large-scale development site in one of the fastest growing northern suburbs”.
“It has the (large) footprint, it has two street frontages and you could put six or seven homes there without too much worry,” he said.
“There were a lot of people interested in all four (homes) and a few people interested in two homes, but (the outcome) will all depend on what happens that day.”
– by Lauren Ahwan
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