Terrigal apartment block with unbelievable ocean views up for auction
A large 1,144sqm block of R2 residential land with four separate apartments will go to auction this weekend in Terrigal.
Tightly held since 1972, the property at 101 Scenic Highway includes 180 degree ocean, beach and headland views and is one of the largest residential blocks in the area, with a solid rental return and long term tenants.
Subject to council approval, there may also be residential redevelopment opportunity.
Agent Rod Amos from Ray White Terrigal said that most interested buyers were looking at land banking and keeping the units rented out in their current state.
“The property has extraordinary rental return and the best view in Terrigal in my opinion. The photos don’t do it justice,” he said.
Each unit has separate dedicated entrance and laundry and earns rent of between $300-$440 per week.
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The Sydney owners, who once used an apartment as their holiday house, are wrapping up their history with the property after a long period as landlords.
No. 101 Scenic Highway will go to auction on Saturday at 1.30pm and has a bidding guide of $1.6 million.