Three big parcels of land are for sale in the smartest city fringe suburbs of Herne Bay and St Marys Bay.
In Herne Bay’s tony Clifton Road, just down the road from Bayfield Primary, two lots are on the market for tender. Number 40 has a huge 1849 sq m of land, the adjoining land at 42 is just over 1290 sq m, together totalling 3141 sq m.
Agent Nick Fistonich of Ray White Newmarket says that while the larger property is zoned single house, the smaller of the two has a residential mixed suburban zone, so the “options are endless.”
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“Perhaps a project for the astute developer, or build your dream.”
Currently the properties, down a right of way in the tree-lined slopes between Clifton Rd and Masons Ave, each have an existing 1950s era house, and council valuations of $5.4m and $5.2m. This is almost entirely in the value of the land, which has climbed between 65 and 71 percent for each property since their last valuations in 2014. The tender closes December 4.
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A similar development property at 89 St Mary’s Bay Rd, has had a mixed history of success. Originally marketed in a parcel of five properties in March of this year, the 865 sq m, has now had historic zoning irregularities corrected. Barfoot and Thompson’s Liz Derbyshire is asking $2.795m, a considerable drop from the $3.25 m being asked 10 months ago. The owners had gained resource consent to demolish the nearly 120 year old derelict villa, their renovation of the adjacent property at 83 St Mary’s Rd is still under scaffolding and plastic as it has been undergoing extensive additions worth multi-million dollars.
Derbyshire says, the steeply contoured 865 sq m could be subdivided subject to consent under the special character overlay for a minimum net site area of 400 sq m. The section backs into another at 35 London St, which is asking $3.495 m, so, like Clifton Rd could be bought as a single property.
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On the western side of Herne Bay, at 15 West End Rd, Unlimited Potential’s Jennifer Temm Munns and David Simons are bringing a 747 sq m property with a valuation of $2.1 m to auction this Wednesday, Nov 6. The original 1920s bungalow is currently in three flats with a roomy back yard in two levels.
The agents point out that earnings of $93,000 make this a great investment, or owners could live in the two-level three bedroom flat facing on the north-facing back yard and let the single and two bedroom flats help pay the mortgage. The property is in the single house zone, but the agents say it has potential for future capital growth, with most of the council valuation in the land, valued at $1.75 m.
It’s the first time on the market in 15 years. The house is across the road from Cox’s Bay Reserve, handy to public transport and the shops and restaurants of Jervois Rd.
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