Four semi-detached Elizabeth Downs homes have been snapped up as a package in a $1.825m deal.
The neighbouring properties at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd attracted 16 registered bidders at its highly-anticipated auction on Sunday.
Selling agent Krish Gajera, of Exp Real Estate, said half of those registered made a bid for the unusual offering with a developer securing it when the hammer came down.
“They’re a developer but they’ll keep the property for one or two years (before redeveloping),” he said.
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Four neighbouring Elizabeth Downs properties sold at auction for $1.825m.
They could be divided into seven to 12 properties.
“I think the main attraction was that it’s a big site and it has two different street frontages.”
He said they were expecting to sell the four properties for a collective $1.7m.
Concept plans showed the homes could be demolished and the properties subdivided into seven allotments.
But Mr Gajera said ahead of auction that astute developers could put as many as 12 units on the combined 2053sqm landholding, subject to council approval.
“That (plan for seven allotments) is a concept plan that’s easily achievable but lots of people are doing (even) smaller dwellings (than proposed in the concept drawings),’’ he said last week.
“If you come up with a different plan with council you could put maybe 10 units or 12 units – maybe more.’’
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The homes at 5 and 7 Turnbull Rd.
The homes at 6 and 8 Johnston Rd.
Two of the homes are currently rented on a periodic basis and the rental agreement on a third is due to expire next month, Mr Gajera said.
The fourth home had only recently become vacant.
Mr Gajera said the properties had the potential to bring in a combined rental income of $1750 a week – or $91,000 a year.
Up to $200 a week more could be gained for each home if they were renovated, he said.
– with Lauren Ahwan
English (US) · 