DA approved development site comprising of an 8 lot land subdivision including approval for the conversion of existing dwelling into 2 up market town houses. <br/><br/>In a market where there are very few sites close to the Launceston CDB and strong demand from buyers looking to downsize to similar sites this represents a project with strong premiums for the purchaser.<br/><br/>The proposed land subdivision offers 8 stunning blocks ranging in size from 461 sqm to a 650 sqm lot suitable for a multi dwelling. The artist impression shows how they would suit upmarket 40 square homes. The existing early 1900s building is currently operating as 4 four flats, generating a weekly rental income of $895 from 4 flats leased on a month-to-month basis.<br/><br/>Key Property Features:<br/><br/>Land Area: Approximately 5883m²<br/>DA Approved 7 lot subdivision<br/>DA approved renovation for 2 up market townhouses<br/>Breathtaking Views: Enjoy panoramic vistas of Launceston City, the Tamar River, and beyond.<br/>Established Location: Situated in a picturesque residential suburb with a scarce supply of development opportunities.<br/>Current Estimated Rental Return: Approximately $46,540 per annum.<br/>Immediate Access: Conveniently located near the West Tamar Highway (approximately 1000 meters away).<br/>Zoning: General Residential (10.0).<br/>Extensive Street Frontage: The property boasts a substantial frontage onto Forest Road.<br/><br/>Due diligence documents and expression of interest forms available on request.
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