3 Bed house & land for 4 townhouses

[Hulkster]

I thought I'd post this (potential) deal for dissection.

There is a 3 bed cottage style house (circa 1940) (See photos) that sits on a significant parcel of land of around 2300sqm (one title)- there is a layout on the Excel s/sheet attached. The house is quite pretty and currently tenanted at $200pw

The land behind the house is vacant, and the local council is amenable to 4 townhouses to be built (3 bed/garage) but there has been no DA submitted/approved as yet. It may be possible to build 5, but I can't be certain at this stage.

The property is in Prospect, Tasmania, which seems to be quite popular with families and is walking distance to the Casino, golf course and shopping centre, and 5 mins drive to public and private schools.

Price: $290k

Have I left anything out?

BTW it is not currently listed with an agent or officially on the market.

 

[paulie]

HI Hulkster,

Can you keep the original house?

What is the house on the small block going to be worth after the back blocks are sub divided off?

Can you get access to the new sub division from the lane way, or do you have to get access from the house block?

Paulie

 

[Hulkster]

Original house can be kept

After subdivision house value is approx 195k

House block has two driveways - access via laneway is dependent on owner - i.e no right of way to my knowledge.