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Enjoy the Upside – Approved 5 Level Residential Development Site

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Axia Corporate Property as exclusive selling agents, are pleased to present 31 Edgehill Street, Scarborough for Sale.

The arrival of the property to the market provides astute investors and/or developers a rarely available opportunity to acquire a multi level development site, within arguably one of Western Australia’s most affluent and appreciated coastal precincts.
The property enjoys excellent ocean views across Scarborough Beach from the rear elevation, which can be capitalised upon with increased height upon redevelopment. The site currently supports an older style residence which is in a serviceable condition, reflecting the age of the improvements.

The property is leased until March 2021 at a rental of $400 per week.

The property lies within the Metropolitan Redevelopment Authority’s Scarborough Redevelopment Scheme – Groves Precinct with prevailing zoning allowing for medium density residential developments interspersed with community facilities and open space.

INVESTMENT HIGHLIGHTS

– Land area – 1,012m²*
– Approved Development for 15 apartments over 5 levels with potential ocean views
– Secure holding income with potential for rental growth
– Lengthy development approval – Invest now develop later
– Located in one of Western Australia’s premier apartment precincts in a vibrant coastal district undergoing significant renewal
– Walking distance to Scarborough Beach front and entertainment promenade

Investment grade assets of this ilk are eagerly sought after and seldom offered. For more information or to request an Information Memorandum please contact Franco Gangemi on 0418 930 504 or Wayne Mitsikas on 0413 599 655.

*Approx.

Price:Offers from $1,895,000
Address:31 Edgehill Street
City:Scarborough
State:WA
ZIP:6019
Lot Square Feet:1012sqm
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