Investor interest in $1.175m Iluka property
WITH the popularity of Iluka growing on the back of the Pacific Highway upgrade, the recent listing of a $1.175 million property has attracted investor interest in the seaside village.
Located less than 100m from the water, behind Sedgers Reef Hotel, the property at 80 Charles St boasts four units and the potential for growth.
LJ Hooker franchise owner and sales agent Christina Nipperess said they had received a number of inquiries from south-east Queensland investors.
"They're just putting their toe in the water at the moment," she said. "This property hasn't found its buyer yet but, for Iluka, it's definitely at the higher end of the scale.
"As Iluka continues to draw appeal and attraction from northern areas like south-east Queensland, it really is going to be something that has great capital growth with development options."
Ms Nipperess said the main features of the property included the land size, dual frontage and zoning.
"The property currently provides a return of $55,000 and has a Medium Density land zoning attached, so setting up a strata title is an option," she said.
"The current owners haven't gone down that path, they've had it for 10 years or so.
"The units at the front have been completely rebuilt after they had to be demolished after fire damage.
"They've been rebuilt and are only a year old and comply with council stipulations and also correct fire ratings for a strata title.
"As Iluka grows, this property will always have an income stream.
"There's historically been low vacancy rates, less than five per cent, and they're even lower now which is reflecting what's going on in the Valley."
Visit the property on the LJ Hooker Iluka website.