Three neighbouring properties dwelling to a faculty for disengaged youth are providing potential consumers a profitable funding alternative.
The big land parcels at 304, 306 and 308 Main South Road in Morphett Vale have hit the market along with a value information of $1 million to $1.1 million.
The Catholic Church is leasing the roughly 2580sqm web site’s constructing for its Fame Versatile Studying Centre – a spot for younger individuals who have disengaged from mainstream education.
Promoting agent Troy Tyndall, of LJ Hooker Adelaide Metropolis/St Peters/Glynde, stated it had a five-year lease however as soon as that was completed, the brand new homeowners might both proceed the association, redevelop the entire web site, or promote one or two of the titles off.
“The Catholic Church pays $52,121 a yr. In 5 years, you’ll have $260,000 paid again,” he stated.
“For those who needed to maintain the college going, you’d be doing one thing good for the youth in South Australia.
“However there’s additionally (Onkaparinga) council approval for 10 two-storey townhouses.”
Mr Tyndall stated the event plans and designs have been out there if the brand new proprietor needed them.
The three land titles are 780sqm, 831sqm and 970sqm respectively, with the constructing occupying two of the blocks and a carpark on the remaining parcel.
Mr Tyndall stated the numerous landholding was already attracting potential consumers curious about its seemingly limitless funding alternatives.
“I had half a dozen inquiries in 4 days,” he stated.
“While you take a look at that return, it’s a novel alternative.”
Affords for the property might be obtained till October 13 at midday.