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This 887m2 block has a zoning that allows a high density of buildings giving a financial opportunity in many ways. The site gained Development Approval in 2015 to build 6 individual studio apartments (one being 2x2)for Short Term, strata built accommodation. This approval has lapsed, but the City of Albany has confirmed that a similar application can be re-submitted in 2020. The 2nd option is a single dwelling with short term lodging approval for up to 6 individuals comprising 6 bedrooms with 6 ensuite bathrooms, these can also have their own kitchenettes. So What does Short Term Holiday accommodation mean?, that an owner can rent out on a daily, weekly or corporate booking basis. As the owner you are also able to use for 3 months of any given year, in the individual apartment situation. The plans have been costed to build this complex and are coming in around the $650,000 range turn key, including furniture. Add to this your land price and for under $1million, you have a holiday complex that has the capacity to return you approx 7.5% nett on your investment, working on an average daily rental rate of $135pn, and approx 60% occupancy.There is a management team available that will lease back on a long term basis, with an approx 6.5% nett return, which then removes you from the everyday running of this project.(based on owners own development figures) For those young retirees, it's an opportunity to not only improve your return on super money, but an opportunity to Manage your own business and continue to be actively receiving a wage well into retirement.
Being location perfect (half way between Middleton beach and town) and the fact that there is a shortage of accommodation in Albany at many peak times throughout the year, it's an opportunity not to be overlooked. All the hard work has been done, with costing and due diligence, it's now just a matter of pressing the start button. Want to be a part of this, then call Jackie Cowley at Ray White Rural, 96 Lockyer Ave, 0408 427 554 or email [email protected]
City of Albany Council Rates: $1191
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