Four semi-detached homes in Adelaide’s north are set to spark a bidding frenzy when they go under the hammer at the weekend.
Up to 15 developers are expected to compete for the adjoining Elizabeth Downs properties, at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd, on Sunday, said selling agent Krish Gajera, of Exp Real Estate.
Concept plans show the homes could be demolished and the properties subdivided into a total of seven allotments.
But Mr Gajera said astute developers could put as many as 12 units on the combined 2053sqm landholding, subject to council approval.
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The four Elizabeth Downs homes at 5 and 7 Turnbull Rd and 6 and 8 Johnston Rd are being sold at the same time.
They could be divided to accommodate seven to 12 more homes.
The properties at 5 and 7 Turnbull Rd.
They have previously been rented out.
“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.
“If you come up with a different plan with council you could put maybe 10 units or 12 units – maybe more.’’
Each pair of properties have been listed for auction separately but, based on buyer interest, were likely to be sold as a whole, Mr Gajera said.
No price guide has been advertised but Mr Gajera said similar semi-detached homes were selling between $430,000 to $480,000.
He said the vendor, who had held the properties for the past three years, would be happy with a combined sales price of $1.9m to $2m but conceded strong interest was likely to push the final figure higher.
Two of the homes were currently rented on a periodic basis and the rental agreement on a third was due to expire next month, Mr Gajera said.
The fourth home had only recently become vacant.
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Each of the homes has three bedrooms.
The homes at 6 and 8 Johnston Rd.
The auction will be held onsite.
Developers are showing keen interest ahead of auction day.
He 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.
Mr Gajera said it was rare for such a large landholding to be offered and described the sale as a “once-in-a-lifetime opportunity to acquire a large-scale development site in one of the fastest-growing northern suburbs’’.
“It’s got the (large land) size, it’s got two street frontages and you could put six or seven dwellings there without too much to worry about,’’ he said.
“We’ve had many people interested in all four (houses) and a few people interested in two dwellings but (the result) will all depend on what happens on the day.’’
– by Lauren Ahwan
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