Lots 2 and 28 Old Southern Road, South Nowra
P: 02 44430242
M: 0455 544 228
Prime South Nowra residential development site with B5 land bank
Size: 8.15 hectares
This property is a prime R1 (General Residential) and B5 (Business Development) site. The R1 land is located directly across Old Southern Road from the very successful Twin Waters Estate - a classic 'infill' opportunity. The B5 land adjoins properties to the west along the Princes Highway.
The land is mostly cleared and has mixed zoning (R1 General Residential, E2 Environmental Conservation and B5 Business Development).
The R1 land can be developed immediately (STCA) and concept drawings have been prepared by SET Consultants of Nowra for either 17 housing lots, or 9 housing lots + 2 medium density sites. Buyers may also maximise yield with other development options. The concept drawings are attached as floorplans.
The total B5 land is circa 36,000 m2, of which at least 20,000m2 is estimated to be usable i.e. unvegetated.
South Nowra is a strong, growing industrial and bulky goods corridor, so the fundamentals for both R1 and B5 land in this corridor are very good.
The B5 land can be 'land banked' until access off Quinns Lane or the Princes Highway can be secured. Or it could be sold to an adjoining owner who can grant access through his or her land.
Re the B5 land, a new access road is currently being scoped by the Shoalhaven Council. It will run from Quinns Lane to near the back of this property - bringing potential access closer. Details of the road can be further explained to serious buyers, and the proposed location relative to this land is attached as a floorplan.
Re valuation, as a minimum one can develop 17 residential lots, which at an englobo valuation of $50 - 60,000 each, gives a value for the R1 land of $850 - $1,020,000. At an asking price of $1.4m, a very fair value of only $380 - 550,000 is attributed to the very substantial parcel of B5 land.
For the right buyer, here is an attractive opportunity to buy, develop the R1 land and land bank or sell off a sizable and attractive tract of B5 land.
The property will be sold in one line with a total area of 8.15 hectares or 20.11 acres, comprising of 2 separate lots:
- Lot 28/DP17310
- Lot 2/DP1065105
Annual rates are currently $1,868.43 and the VGA valuation for both lots is $538,000.
Inspection is by appointment. Please contact Craig McIntosh on 0455 544 228.
|Land Size:||8.15 hectares approx.|