1-6/16 Hemmings Street

Phone Enquiry ID: 234565 An exceptional opportunity awaits investors and developers with this rare offering of six fully tenanted solid brick complex of six units on a prime rectangular allotment with rear ROW access in the heart of Dandenong. Whether you're looking to secure strong rental returns today or develop tomorrow, this property offers flexibility, income, and endless potential. There is a possibility of building more units in the back yard. Preliminary sketches for 20 new units over 5 levels available on request. Strategically situated these 6 individually titled units create a once in a lifetime opportunity to acquire a high-yield investment or landbank opportunity with scope to redevelop (STCA). Encompassing a total 836sqm approx. allotment, the 6 units are currently returning $111,240 per annum (approx.) making it perfect for long-term investment purposes. Set on a substantial parcel of land zoned Residential Growth Zone 2, this high-density residential site is ideal for redevelopment into multi-storey apartments in the future (STCA)- all while enjoying immediate rental income from day one. Investors can land bank with secure income while planning the future, or seize the potential for redevelopment (STCA) - whether that be luxury townhouses, or boutique multi-storey apartments, in this premium location. Currently leased to excellent tenants. This property offers consistent cash flow with potential to increase rent yields, as the tenancies are all currently under-rented, the highest rent being $380 per week. Some other similar two-bedroom units in Dandenong in this location are rented at over $400 per week. In addition, this large block with rear access and wide street frontage - offers outstanding development scope (STCA), Features of this property: These are two-bedroom units, three on ground floor and three on the first floor. The first-floor units have a balcony each. These are bright and clean, with nice open plan lounge and kitchen with reverse cycle near new air-conditioning. The two good sized bedrooms have built in wardrobes. The kitchens are refurbished with stone benchtops (Except Flat 5 which has the original laminate bench tops.) Combined tiled bathroom/laundry with separate shower re-tiled recently. Gas cooking and hot water service. The hot water heater is instantaneous, so it is much cheaper to run. Good views to the west and north from the first-floor units. A block of 6 units all tenanted by quiet working people. Solid brick construction so warmer in winter and cooler in summer. Six solid brick units in Dandenong Central. - five of which have been refurbished. - five split system air conditioners installed. - all units have recently installed modern switchboards with safety switches - all units have working smoke alarms - all units have instantaneous hot water systems, one being brand new. - all units have been subject to regular maintenance. - the first-floor units have the addition of lovely balconies - stormwater pipes on the west side have been replaced with modern PVC pipes one year ago. - the roof guttering has been renewed completely six months ago. - the roof has been re-pointed and checked. This is a set and forget investment. This is a very Low-maintenance investment with Prime Location Advantages: Positioned in a thriving and fast-evolving pocket of Dandenong, this property offers unmatched proximity and convenience: Just short walk to Princes Highway, walk to Dandenong market, Dandenong Plaza and train station. Close to employment, commercial and business districts short drive to, local parks, and education precincts. Surrounded by multi-level residential developments, reflecting strong growth and buyer demand. Arrange an inspection today! This property is for sale, and it won't last long. Disclaimer: We have in preparing this document used our best endeavours to ensure that the information contained in this document is true and accurate but accept no responsibility and disclaim all liability in respect to any errors, omissions, inaccuracies or misstatements in this document. Prospect purchasers should make their own enquiries to verify the information contained in this document. Purchasers should make their own enquires and refer to the due diligence checklist provided by Consumer Affairs. Click on the link for a copy of the due diligence checklist from Consumer Affairs. http://www.consumer.vic.gov.au/duediligencechecklist