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35 Reef St, Maldon

$975,000-1,100,000

12 12 15

VALUE..VALUE..VALUE..LIVE AND EARN..DEVELOPMENT OPPORTUNITY..MALDON

Wow..look at this opportunity for semi retirees, families, savvy investors with imagination....

A boutique accommodation complex, walking distance to Maldon Town Centre, with a comfortable 2 bedroom owners residence, 11 individual lettable units, all set in a serene ,leafy environment complete with a beautiful, sparkling, private pool, with a general alfresco area nearby.

Within walking distance to the historic Maldon town centre, the property is set on an easily accessible corner, with front and rear entrances, and there is ample car parking on site.

The complex has been operating for well over three decades, and is very easily run.Booking sites are already operational, and there would be minimal training needed for the day to day tasking. It has been a firm favourite with many return visitors that consider it their weekend retreat! The staff are local, reliable, and a wealth of information to the visitors.

Maintenance has been a first consideration by the current owners, who are retiring. New split systems for the rooms have been installed, along with central heating for the main residence and other improvements verified upon inspection.

About MALDON...

The town has been a popular day/weekend destination, being only two hours from Melbourne. It was the first town in Victoria to be classified by the National Trust. The recent Porcupine Village sale is set to create a further must see feature for the area, attracting more visitors.The historic village is full of historic homes, streetscapes, antique shops, eateries,... and locals who love to interact with visitors and always make them feel welcome.

This is an opportunity to escape city life but still be close. You will join a varied, interesting, and thriving community that is close to Castlemaine (15 minutes) and the best regional city in the nation, Bendigo (24 minutes) as well as the Cairn Curran nature reserve lake for sailing, fishing, only 15 kilometres away. Come and join us..join the golf club, bowls club, footy, netball and a myriad of other community organisations that are always ready to welcome new members.

 

Lifestyle Changes are not always about the money, but anyway..here's how it stacks up:

 

REPLACEMENT COST

                                              

1. Purchase Zoned Land approx. $400,000.00
2. Construct  managers residence $250,000.00
3. Construct 11 Motel units - $150,000 x 11 (conservative estimate) $1,650,000.00
4. Install Pool and landscape           $100,000.00                             

$100,000.00

5. Landscape around site $100,000.00
  TOTAL $2,500,000.00

Or Consider:

Purchase with a view to develop:

Average 3 bedroom house in Maldon is now $550,000

You could, (STCA) combine the units to end up with the original residence, 5 two bedrooms refurbished homes.

  1. Residence Sale Price -                      $385,000
  2. 5 Units @ $395,000 -                     $1,975,000

TOTAL -                                                $2,360,000 Sales return

Less Purchase, plus refurb etc

  1. Approx. $600,000 etc -                  $1,700,000 refurbish and title
  2. Profit -                                          $  660,000

(Even if you allowed a $160 k overrun, you are still left with $500k profit....
If you look closely at the aerial photos, you can see that there is further scope to make this property work even better than just using present buildings..add more, expand the managers residence ( which incidentally would become a 3 bedroom residence, by using the current office..) Think outside the square when you look at this opportunity!

The complex is for sale at $985,000 - $1,100,000

 

Can you see the REAL value here?

 

Call our office and arrange an inspection. There is a mass exodus from the city at the moment. People can work from home...here's a niche opportunity or maybe you are one of those who have always hankered to move to the country. The city is a great place to visit...but there is nothing like getting home to the country.

Are you coming to join us?              Call 1300 60 50 50

 

(E&OE .Without Prejudice)

12 12 15

Details

Address 35 Reef St, Maldon
Price $975,000-1,100,000
Property Type Residential
Property ID 18
Category Block Of Units
Land Area 2,839 m2

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