MUST BE SOLD - NO If's, Buts' or Maybe's

18 Saint Georges Bay Road, Parnell

$2,250,000

Property ID : CRE13218

Description

The Current owner has given us a very clear instruction, it is time for this old girl to have new a lease of life and be SOLD. The list price of $2,250,000 is well below the current Land Value and more than $1,000,000 below the current CV, therefore, a realistic deal is waiting to be done.

This grand old lady of Parnell is sitting in a great position, but she is tired. Having been in the same ownership since 1955, it is now time to say good-bye.

The original house was divided into 3 fully self-contained flats which have been generating rental income for more than 64 years. At the foot of the property you will discover a detached studio, which is included in the rental portfolio. The total rental income is currently in excess of $65,000 per annum.

An undertaking of this size will certainly require someone with plenty of passion and skill to take on an extensive development project.or be committed to restoring this character home to her former glory.

Having long term tenants (24 years!) that are willing to remain is certainly a bonus, as you can collect the rental income whilst you draft your plans for whatever your vision for the future of this property may be.

As mentioned earlier, our instructions are to SELL!

Call John today to arrange an appointment to view and ask for the information pack.

Accommodation 7 bedroom(s) , 4 bathroom(s)
Land Area 761 m2
Floor Area 284 m2
Price $2,250,000
Chattels Stove, Fixed floor coverings, Light fittings, TV Aerial