Wollongong Central NSW 2500

EXPRESSIONS OF INTEREST

COMMERCIAL INVESTMENT FOR BUSINESS OR DEVELOPMENT! - FREEHOLD - PRIME LOCATION

Phone enquiries - please quote property ID 12049

A MAJOR SITE IN THE HEART OF THE CITY - FANTASTIC LOCATION FOR MANY PURPOSES!

This superb property offers the investor, business person or family, many choices:-;

Purchase the property and business, and continue operating as a hostel.
Purchase and renovate as a large family home with possible income or extended family accommodation in a very sought after area.
Purchase as a development site. With a floor space ratio of 1.5:1 and having a street frontage of 23.85 m. There is a possibility to build 22 units or possibly more (subject to council approval).

With all of the above options, the astute purchaser will no doubt do well!

PROPERTY DETAILS ARE AS FOLLOWS:-

Site dimensions 23.85/22.7 x 60.99/65.99 metres. (Area 1450m2).
The land is zoned Mixed Use B4.
It is situated in the centre of Wollongong , CBD location and 2 blocks from beach.
It is In the hub of the restaurant and nightclub precinct, having all major facilities nearby.
A development comprising of home units and shops or offices here would be allowed.

CURRENT USE:-

This 2 story Californian Bungalow style House is currently operating as a Backpacker and student Hostel and has been for 20 years. It comprises of 20 bedrooms, 2 living areas, 2 kitchens, and 8 bathrooms. (Click on Website Link Below to see).

ZONING:-

Mixed use (B4) zoning under the Wollongong LEP 2009 ‘Mixed use development’, means a building or place comprising 2 or more different land uses. Mixed use development is development which includes residential uses (ie shop top housing, residential flat buildings etc) in conjunction with one or more non-residential uses such as:

Business premises.
Commercial offices.
Retail shops.
Community facilities.
Hotels.
Serviced apartments.
Seniors housing.

Typical mixed use developments involve ground floor retail shops, commercial offices / business premises and upper level residential apartments. Other mixed use developments may include ground floor retail, serviced apartments / hotel and residential apartments (provided the serviced apartments are on separate floors / levels to the residential apartment component).

All in all, whether your purchase will be to action any of the options now or later, your investment will be a wise one. This is a reluctant sale and owner has priced the property accordingly. You’re Expressions of Interest and welcome.

Property Details