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Well just to let you know, the results are in: SOLD for $1,975,000 which is a yield of 7.58%.

Probably too many vested interests to let it happen. This would be like one level of government out of the three we have, voting themselves out of a job. :( I'd like to rename Wyong as Tuggerah Lakes City. :) ..............but this is completely hijacking this thread.

One suspects that before one commits to spending over $1M of (presumably) borrowed money, one would check the existing lease and see how long it has to run.;) Perhaps some DD on the council's website or talking to the Planning Dept might be of value here? So internet strangers advise you on...

I agree with you. That is going to be more like an 8% cap rate (7.5% maybe on a very good day with all the planets aligned).