1 Grace Avenue, Lakemba NSW 2195

Tightly held Lakemba enclave | detached studio | near-level 442sqm block | strong Haldon Street proximity | flexible configuration upside This property presents a competitive buying case primarily through its combination of land size, location, and existing dual-use structure. The near-level 441–443sqm block in a tightly held pocket 100 metres from Haldon Street is itself a scarce offering in this part of Lakemba. The detached studio is a material advantage, enabling extended-family living, a home office, or a separate rental income stream without compromising the main house. The oversized main residence with four bedrooms and two bathrooms, while not newly renovated, provides immediate livable space that supports a buyer who wants to occupy while planning future improvements. This property is best suited to an owner-occupier seeking land value and flexibility, or an investor who values the studio’s income potential and the block’s redevelopment logic over a turnkey finish. The principal risk is the significant data inconsistency across public records, which suggests the property may have been reconfigured or poorly recorded over time, and a buyer must verify the actual bedroom and bathroom count through inspection and council records. The last sale in 2005 at $440,000 means the current mid-$1.6m ask represents substantial land appreciation, and any renovation or extension costs must be carefully weighed against the achievable end value in this market. The opportunity lies in the studio’s separate access and the block’s zoning, which may support a future granny flat or dual-occupancy development, but this requires due diligence on council constraints. Hold this property for its land fundamentals and the flexibility the studio provides; it is not a passive investment but one that rewards active stewardship.