Prime Development Site - $550000

Description

This property represents a unique opportunity for developers to secure a large parcel of land within easy walking distance to Colac's shopping precinct. The enormous block is 8151m2 (approximately), Zoned Residential 1 and is ideal for redevelopment STCA. Situated in a well regarded and established residential neighbourhood, the options for the property are wide and varied including a closed townhouse development. Recent sales evidence concludes that Colac has experienced strong demand for townhouses close to the CBD. The city's aging population demographic also suggest that this demand will strengthen with time. The Baby Boomers generation, now in their 50's and 60's, are all in a position where they are considering making the move out of the family home and into new, low maintenance townhouses. Close to the property are a number of recent residential developments that provide evidence of demand in the area, including; the Glengowen Estate of 87 lots only a block away, and two newly completed townhouse developments located at 56 & 58 Wallace Street, Colac. This unique site is limited only by your imagination!