This 1,012sqm site in one of the best streets in Byron Bay has a number of advantages over many other commercial development opportunities. Approved for 4 retail shops, 6 one bedroom units and 2 two bedroom units in 2001 prior to many current council restrictions being introduced. The density is greater than what is now allowed and the inclusion of 21 off street car spaces also adds substantial value to the site. The timing of the approvals also means that there is approximately $300,000 of contributions savings.
This property has an added advantage of the approved designs are the environmentally sustainable initiatives that have been incorporated. These include enormous underground rainwater storage as well as a solar electric collection system which will feed into the grid and offset power consumed by the building at night. Other design features include: extra wide eaves, double glazing, wall shutters, ceiling fans, low voltage lighting, five star energy rated appliances and a heat pump hot water system all of which will provide huge efficiencies while adding no more than 10% to the build cost.
The site currently houses a weatherboard Federation style house which is tenanted for $800 per week. The two bedroom, two sleep out house is in good condition and suitable for removal. It is across the road from the new 3 level office/retail development on Marvell Street and only 3 doors down from the recently opened Island Luxe boutique, Targa Restaurant & 4 unit Apartment development. Other Marvell Street attractions include the Owl & Pussy Cat Tappas Restaurant & Bar and Bayleaf Cafe.
Marvell Street is on the market under an Expressions of Interest campaign with a price indication of $2.6 million
For more information or to discuss this opportunity in more detail, please contact Nicolette van Wijngaarden at Unique Estates.