CENTRAL NEWTOWN - 949SQM OF LAND - BEO $1,595,000

5 and 7 Millward Street, Newtown

  • Bedrooms6
  • Bathrooms2
  • Garages1
  • Living Areas2

Not often do you get an opportunity like this! With two free standing houses and a combined total of 949sqm of land, and having been in the same family for over circa 48 & 66 years respectively, the time has come to pass the baton to a new owner to realise the full potential of this fantastic centrally located site.

Situated just behind McDonald's, with drive on access from Millward St and pedestrian access from Riddiford St, the potential for development here is fantastic. Demand for new, compact, affordable housing has never been greater, while interest rates have never been lower, meaning now is a great time to build. And the two houses (plus a single garage) provide good holding income while you get your consents lined up.

- 5 Millward St: 476sqm* section, 100sqm* 3 bedroom house. Woefully under-rented for $380pw.
- 7 Millward St: 473sqm* section, 120sqm* 3-4 bedroom house plus single garage. Rented for $720pw until Jan 2020.
- Pedestrian access strip adjacent to the long southern boundary of no.7.
- Zoned Inner Residential, adjacent to Suburban Centre zone, 50% site coverage, max height 9 metres**
- No's 9, 11, 13, 15, 17 & 19 Millward St are exempt from providing off street car parking. Perhaps the council will grant the same exemptions for no's 5 & 7?
- RV $710,000 (no.5) & $780,000 (no.7)
- Rates $3,156.58 p/a (no.5) & $3,434.04 p/a

These properties have been in the same family for a very long time. But new plans mean they are reluctantly offered for sale. Don't hesitate, or it will probably be a long time before they come up for sale again!

*Source: Property Guru
** Source: WCC District Plan

Address

5 and 7 Millward Street, Newtown

Price

BEO $1,595,000

Listing ID

LOWE2659

Type

House

Floor Area

220 m² approx

Land Area

949 m² approx

Rates

$6,590.62