Three neighbouring properties house to a faculty for disengaged youth are providing potential consumers a profitable funding alternative.
The massive land parcels at 304, 306 and 308 Main South Road in Morphett Vale have hit the market along with a worth 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, mentioned 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’d have $260,000 paid again,” he mentioned.
“When you 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 mentioned the event plans and designs had been obtainable 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 mentioned the numerous landholding was already attracting potential consumers fascinated with its seemingly infinite funding alternatives.
“I had half a dozen inquiries in 4 days,” he mentioned.
“Once you take a look at that return, it’s a novel alternative.”
Presents for the property will probably be acquired till October 13 at midday.