304 Clovelly Road, Clovelly

UNDER BENEFICIARIES' INSTRUCTIONS - ENTIRE BLOCK OF 6 X 2 BEDROOM FLATS PLUS 5 CAR SPACES - EXCEPTIONAL LOCATION CLOSE TO CLOVELLY BEACH

Constructed in the 1960's this block of six is in sound condition and offers an opportunity for both the investor and developer. Enjoying an elevated position facing north and overlooking the valley with unrestricted outlook. The building is constructed of full brick with suspended concrete slabs supporting parquetry floors. Two flats on each of three floors separated by a shared laundry on each level - the flats have no common walls.

First time offered in almost half a centuryElevated above street levelSizable sun-terrace accessed from flat 1Huge utility area with redevelopment potential (STCA)Rear courtyard accessed from flat 2Natural light on four sidesOnly 300m from Clovelly beachClose to Gordons Bay and coastal walkRight on public transportOutstanding opportunity to refurbish
TOTAL INCOME $163,280 pa (potential to improve)

OUTGOINGS
Water rates $4,104 pa
Randwick Council Rates $6,318 pa
Insurance $4,827 pa
Land Tax $20,240 (land value $1,710,000 July 2014)

LAND SIZE
12.4/12.37 x 38.02/38.01m - 462 sqm approx

FLAT SIZES
Flats 2,4,6 64 sqm approx
Flats 1,3,5 65 sqm approx
Utility area 30 sqm approx

INSPECTIONS
Tuesdays & Fridays 11.30-12.30pm

CO-AGENT
Tim Pockley - Pockley & Roderick 93287211 or 0402 913 225

Property Information

• Land area approx 462sqm