2 New Street, Port Macquarie NSW 2444

Heritage overlay | 840m² land | steps to beach & CBD | luxury apartment development This property presents a compelling opportunity as a large, single-level house on a substantial block within a premier coastal location, directly adjacent to a new luxury apartment development. The combination of a 840m² parcel, a 352m² building footprint, and a position metres from Town Beach and the CBD is rare, typically commanding a significant premium. The absence of bushfire or flood overlays mitigates key insurance and risk costs, while the heritage overlay suggests a stable, character-filled streetscape. This property serves an owner-occupier seeking a low-maintenance, spacious home in a walkable, cosmopolitan setting, or an investor attracted by the high-confidence rental yield derived from its location and size. The decision hinges on reconciling the property’s current configuration with its development context and data discrepancies. The primary risk is the potential for overstated utility; the “Nuovo” development marketing and the variance in bedroom counts between sources suggest this house may be part of, or impacted by, a subdivision into apartments, which could affect its title, future development potential, and character. The lack of an internet connection is a material deficiency for modern tenancy or resale. The opportunity lies in acquiring a large, well-located parcel either as a long-term hold in a high-demand ‘sea change’ destination, or with the commercial logic of future densification in mind, given the council’s apparent appetite for such projects in the area. Proceed only after verifying the exact title configuration and development approvals affecting the land. Nearby comparable sales data provides critical context: a two-bedroom, one-bathroom flat at 2/2 New Street carries a valuation of $579,000, while the broader suburb median house price is $900,000. This starkly frames the subject property’s $1.48 million estimated value, demonstrating that its price reflects the substantial land component and larger living area, not just bedroom count. It confirms that value in this precinct is driven by land size and proximity to amenities, with this property’s 840m² plot representing a scarce commodity.