Nestled on one of Applecross’ most iconic streets is an opportunity that only arises once in a blue moon, it’s the perfectly positioned development site with all of the hard work already completed at 1 First Avenue. What makes this property invaluable is the unique M-10 zoning that was changed immediately after the modern front home was built, allowing for six storeys to be constructed on the combined 833sqm site. With a substantial investment already made into plans that’ve been drawn up and available to the buyer, a savvy investor could make full use of the mixed residential and commercial site. There’s scope to develop a mini-community with its own café, bar or restaurant on the ground floor for all the neighbours to enjoy, or even construct a new office with the bosses’ own penthouse on the top floor to run the ultimate home-based business. 

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Only a stone’s throw to several lifestyle destinations including the Swan River, South of Perth Yacht Club, the Raffles Hotel, Riseley Street, Applecross Village, several great schools, and easy access to the freeway via Canning Highway making everything just a short drive away. This spot has everything the busy family could want, and being one of the only developable properties in the area you will have no oversupply or competition for whatever you choose to build when it comes time to cash in your millions.

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Comprised of two adjoining blocks of 174sqm and 659sqm, this 833sqm site will be sold in an “as-is” condition, with the 2014 built townhouse included in the sale of the development site. Built just before the zoning changed, this offers the lucky purchaser a unique opportunity to either reside in the existing townhouse while plans are being finalised or generate a rental income from $600-$650 while everything is falling into place. Being sold entirely on block value, the buyer would essentially be receiving a new, rentable townhouse and thousands of dollars worth of plans.

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The existing home on the front block is a three bedroom, two bathroom property built to an impeccable standard. A classic entry hall with warm timber floors feeds into an open plan kitchen, living and dining area. The kitchen boasts all the modern conveniences the hungry investor requires including stone benchtops, a double sink with high-end plumbing and premium stainless steel appliances, while a low maintenance alfresco allows for easy entertaining after a night at the Raffles. Upstairs are three generous bedrooms and a study nook to plan how you are going to spend your profits. Two secondary bedrooms have a mixture of walk-in and built-in robes and share a stylish bathroom, while the master features an extensive walk-in robe, private balcony and lavish mosaicked ensuite with double vanities for the King and Queen to enjoy to themselves.

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Opportunity is knocking at 1 First Avenue, Applecross. A development site in a prime location, sold as a block, yet with a contemporary home to generate income or reside in yourself and thousands invested in planning already completed. Don’t let this be the one that got away because chances like this only arise once in a lifetime, so be sure to call Lachlan Sinclair for more information and secure your cash cow for the future.

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PROPERTY IN BRIEF:

• Two adjoined blocks of 174sqm and 659sqm sold as one 833sqm block.

• Combined block an M-10 zoned Mixed-Use development site.

• Potential for commercial property on ground floor plus additional residential residences.

• Plans available and ready for buyer to place final touches.

• Final development will still be subject to council approval.

• Sold purely as land value, yet front lot has a modern 3 x 2 townhouse built in 2014 to a high standard that can be leased to generate rental income or lived in while the final plans are being confirmed.

• Existing home features modern open plan kitchen, living, dining and alfresco with all modern conveniences.

• Two secondary bedrooms upstairs with walk-in/built-in robes sharing a stylish bathroom.

• Master suite boasts large walk-in robe and lavish ensuite.

• Double garage, split system reverse cycle air conditioning throughout.

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LOCATION IN BRIEF:

• 300m to the Swan River, 300m to the Raffles Hotel.

• 800m to the South of Perth Yacht Club.

• 4 minute drive to Riseley Street shopping and social hub.

• 3 minute drive to Applecross Village.

• 5 minute drive to Garden City Shopping Centre (Under Redevelopment).

• 3 minute drive to Applecross Primary, 5 minute drive to Applecross Senior High School.

• 10 minute drive to the CBD.

• 15 minute drive to Fremantle.

All distances and travel times are approximate.

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