The commercial market over the past twelve months has seen a continued firming in yields and strong growth in underlying land value, particularly in the CBD, where the land can be redeveloped in the future.
16 Waverley Street represents a rare opportunity to invest in a freehold stand alone building in the CBD with significant holding income; allowing time to assess the options to take advantage of the favourable underlying zoning potential in the land, or sit and hold and maximise the existing income.
The zoning under both the current and proposed Unitary Plan provides for a height limit of 50 meters and a site intensity of up to 6:1 (8:1 for residential subject to various controls)
The location is in close proximity to the CBD and the Education Precinct. As such it appeals for commercial, residential, student accommodation or hotel uses.
The property will suit investors, landbankers and developers that appreciate the unique combination of income and development potential along with the superb central city location.
• 731m² freehold site with three street frontages • 7 level standalone office building • 50m height limit and up to 6:1 site intensity (8:1 residential) • Huge development potential with income • IEP 100% • Rating valuation $4,800,000