22 Ireland Street, Millicent SA 5280

Large block with subdivision potential | 4-bed brick home, tenanted to July 2026 | Strong owner-occupier street | 1.36 acres in a coastal town This property offers a rare combination of immediate rental income and long-term land value. The 5,487m² lot under Neighborhood zoning creates a genuine subdivision opportunity, while the existing 268m² home provides solid rental cover at $350/week until mid-2026. For a buyer seeking a hold-and-develop strategy, the location on a predominantly owner-occupied street with limited turnover suggests stable demand and low vacancy risk. The brick and tile construction and electric ducted heating are standard for 1982 but adequate for a tenanted holding. The main risk is the property’s age and condition-no recent renovations are documented, and the reliance on rain and town water may require attention. The $550k price sits slightly below the Millicent 4-bed median of $575k, reflecting the need for eventual capital works or subdivision costs. Subdivision approval is not guaranteed and will require council engagement and likely infrastructure upgrades. For a buyer, the logical path is to collect the net rental yield until 2026, then assess subdivision feasibility or sell with development approval attached. Hold for the land, not the house.