A Golden Waterfront Opportunity

Located right on Lake Illawarra's foreshore this unique property sitting on 1916m2 (approx) of land is as rare as they come. One of the only 'True' waterfront properties in the Illawarra with direct access to the Lake these opportunities only come around once in a decade. <br/>Currently consisting of 5 * 2 bedroom units & 1 * 3 bedroom unit the property has an annual rental income of approximately $120,000 per annum. There is a multitude of different development options with this property (STCA). <br/>Some of which include:<br/>- A 6 lot strata subdivision of the current units <br/>- A Luxurious 5 lot townhouse/villa development with it's own private jetty (would be the first of it's kind in the Illawarra, an example of what you can do is the townhouse/villa development 2 doors up. Almost identical block with 5 spacious villa's /townhouses on it. Just not the space for a jetty) <br/>- Knock down & build your own Luxurious home on the waterfront & park your boat in your own backyard, on your own private Jetty!<br/>- Keep the property as is & increase the rent's & do some renovations to increase your current returns. <br/><br/>A break down of the current unit's & tenancies is as follows:<br/><br/>Unit 1 <br/>2 bedrooms<br/>1 bathroom<br/>1 Carport<br/>Good Condition<br/>Current Rent: $355pw (This tenant gets a discount as he maintains all the lawns & gardens as part of his rent)<br/>Market Rent: $430pw<br/>Long Term Tenant: Been there for 6 years & wants to stay on<br/><br/>Unit 2 <br/>2 bedrooms<br/>1 bathroom<br/>1 Carport<br/>Good Condition<br/>Current Rent: $340pw<br/>Market Rent: $400pw<br/>Long Term Tenant: Been there for approximately 20 years or more & wants to stay on<br/><br/>Unit 3<br/>2 bedrooms<br/>1 bathroom<br/>1 Carport<br/>Fully Renovated approximately 7 years ago<br/>Current Rent: $385pw<br/>Market Rent: $430pw<br/>Tenant: Been there for approximately 2 years and wants to stay on long term<br/><br/>Unit 4<br/>2 bedrooms<br/>1 bathroom<br/>1 Carport<br/>In original condition<br/>Current Rent: $360pw<br/>Market Rent: $410pw<br/>Fully renovated rental price: $500pw <br/>Long Term Tenant: Been there for approximately 30 years & wants to stay on<br/><br/>Unit 5 <br/>2 bedrooms + study area<br/>1 bathroom<br/>1 Carport<br/>Renovated approximately 8 years ago<br/>Current Rent: $400pw<br/>Market Rent: $460pw<br/>Long term tenant: Been there for approximately 8 years & wants to stay on<br/><br/>Unit 6<br/>3 bedrooms<br/>1 bathroom<br/>1 carport + additional parking space<br/>Fully renovated 6 years ago<br/>Current Rent: $460pw<br/>Market Rent: $550pw<br/>Long term tenant: Been there for 6 years and wants to continue on<br/><br/>Current combined annual rent = $119,600<br/>Current achievable market rent = $139,360<br/><br/>Inspection by Appointment Only!