North Geelong site offers triple treat with house and sheds
Investors seeking a rare residential and industrial property have the opportunity to secure an income stream from three sources.
The house and industrial sheds are listed for auction at 48 Roseneath St, North Geelong, offering buyers three buildings on the 802sq m title.
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The offering includes a neat and updated two-bedroom house with two 92sq m sheds at the rear of the property.
The street is zoned for industrial use, but houses in the street that outdated the industrial rezone have an existing right to be used as dwellings.
NAI Harcourts, North Geelong agent Joe Grgic said there are multiple uses for the property, which has attracted a wide range of buyers.
“That is unique to have three separate buildings. In effect you can get three rentals or occupy one and rent another two,” he said.
“I’ve had people inquiring who need the storage space, so they’ll rent out the shed and the house, and other people who need the house and a shed.”
Mr Grgic said the estimated selling range for the property is from $515,000 to $565,000.
The property has the potential to generate around $25,000 in rental income a year.
“We think that the rent on the sheds will be around $10,000 per annum,” Mr Grgic said.
“We’ve currently let similar sheds, though they are tilt slab, for $15,000, including outgoings.
“The dwelling we think can attract $270 to $290 a week.”
Mr Grgic said the owners of the property had held it as a long-term investment.
The property last sold for $240,000 in 2010, CoreLogic records show.
“One shed is currently occupied but that will be vacant,” he said.
“It’s immaculate. The whole site has been really well maintained. They’ve let it work for them.”
The property goes to auction on March 30 at 11.30am.