14 Payne Street

AUCTION CANCELLED Take note Investors. This offering presents an extremely rare opportunity for you to benefit from someone else's hard work and foresight, and the chance to enhance your self managed superannuation or property portfolio with a quality addition. The owner of this fantastic opportunity is reluctantly offering for sale the dream real estate project conceived and ultimately realized by her late husband. The original plan was to source a large property on ample land which had to be well positioned in a good area. Next step was to create a long term rental investment that would produce an excellent income for many years with minimal input or expense overheads. Meanwhile the land the property stood on would inevitably increase in value over time. This dream became reality with the creation of this unique residential investment property comprising three dwellings in one. Welcome to number 14 Payne St Hope Valley, a large 1960's dwelling on some 832 sqm (approx.) with over 49 metres of street frontage, and presently situated on a single Torrens title with zero easements. This original dwelling has been skilfully crafted into three independently leased dwellings (a,b & c), each with a wonderful long term tenant in place and an impressive combined rental income of $950 per week! Dwelling (a) faces Crissoula Avenue and returns $315 per week, whilst (b & c) face onto Payne Street and return $405 and $230 per week respectively. Each property is understandably different, and each rent is based on a combination of bedroom, bathroom and kitchen (or kitchenette), laundry and parking arrangements available. Each "unit" having its own entry and exit. Subject to consents of course, the land presents an excellent longer term development opportunity, being well positioned in what is regarded as an excellent leafy residential location just a five minute walk to popular Highbury Primary school in one direction, and five minutes the other way to Grand Junction road and the 556, 557 & 559 bus services that head to Tea Tree Plaza and the Adelaide CBD and beyond, as well as the AO4 to Adelaide oval service. Do yourself a financial favour and run the numbers on your own price for this excellent investment. The vendor is serious about selling and will set a realistic reserve price should the property reach auction. Meanwhile feel free to make a sensible offer (under auction conditions) and it will be considered by the vendor any time prior to the 23rd of March. The property will be auctioned as planned at 2pm on the 28th of March on site unless an agreed price is achieved prior to the 23rd. * Important notes for prospective purchasers * Where measurements or land size are quoted, they are an approximation only and based upon land title information or third party measurement. You must make your own enquiries as to the accuracy of any measurements quoted. Century 21 First Choice In Real Estate does not guarantee the accuracy of quoted measurements. All development enquiries and site requirements should be directed to the appropriate local government authority. * Unfortunately due to the difficulty in coordinating the needs of three tenants, the property can only be opened during advertised inspections. Please take this into account if you are genuinely interested in viewing this opportunity first hand. * The Form 1 for the property is available and a copy can be requested with an email to the agent(s). Meanwhile feel free to ask appropriate questions (with the exception of price details) and we will do our best to provide answers efficiently. Price will be determined either by negotiation with a serious pre auction buyer, or otherwise throughout the marketing campaign where the vendor will be provided with feedback prior to setting a realistic reserve price for the auction.