Location & Development potential. Huge home. Stunning views. 1012m2 block. Sub-divide into 2 house lots, 3 strata lots and maybe more (STCA)
2 Holden Street is a very rare find! A 1012m2 parcel of land with a large 6 bedroom beach house and underlying development potential: sub-divide into 2 house lots, 3 strata lots and maybe more (STCA).
This property is therefore perfect as a long-term, inter generational investment. Use it now, develop now, or hold for the future.
The house, whilst older style, was architect designed and master built. This still shows in the large size of the rooms, easy flow, natural light, huge garage, double living areas and the like.
The house and gardens are in immaculate condition and because of all of these factors, would be easily modernised into a stunning beach house and / or holiday rental.
Re development potential, the following non-binding, preliminary advice is as follows:
- the land is zoned R1 General Residential which permits dual occupancy and medium density development, in addition to traditional single dwelling residential - all development would be subject to Development Control Plans, including floor space ratios, boundary set backs, and maximum height - which for this site is 7.5m (suitable for 2 storeys but not 3) - normal residential - with an area of 1,012m2, the land can be subdivided into two equal parcels of 506m2, however to achieve this, the existing house would need to be demolished. The minimum lot size for such development is 500m2 - medium density with torrens title - the minimum requirement for such a development is 350m2 or for 3 lots, 1050m2. This site is 38m2 short of that, however because of the corner location and dual street frontage, a small variation could be strongly argued with Council - medium density with strata title - there is no minimum lot size for such development, however parking requirements and floor space ratios (currently 3.5:1 for medium density) may limit the developmen to 3 or 4 units - dual occupancy - due to a higher floor space ratio (5:1 for attached dual occupancy), one may be able to subdivide into 2 x 506m2 blocks and build 2 attached dual occupancies on each lot, which may later possibly be given strata title
The land size is 1012m2 and the VGA value for land tax purposes is $880,000.
Inspection is by appointment only. Please contact Craig McIntosh on 0455 544 228.
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