256 Dryandra Street, O'Connor ACT 2602

Blue-chip O’Connor ridge-side block | 813m² rectangular land with rebuild scope | Bushfire overlay noted | Strong rental income while planning development This property offers a rare combination of blue-chip location and substantial development optionality. The 813m² rectangular block with only 11% building coverage provides significant scope for extension, rebuild, or bespoke development, subject to council approval. Positioned opposite O’Connor Ridge with green outlooks and walking trails, the location appeals to families and professionals seeking proximity to shops, cafés, schools, ANU, and the CBD. The current house is well-maintained with updated kitchen and bathroom, timber flooring, and new ducted heating, generating strong rental income at an estimated $770 per week. This makes it ideal for landbanking or immediate income while planning future development. The property suits buyers who value location flexibility and are prepared to hold for medium-term capital growth. The bushfire overlay is a specific risk that may affect development costs and insurance premiums, though no flood or heritage constraints apply. The estimated value of $1,398,000 with a UCV of $1,230,000 suggests reasonable land value relative to asking, but the comparable at 26 Dryandra Street with a larger build and pending sale around $1,728,000 indicates the premium for improved dwellings in this street. The opportunity lies in acquiring a tightly held ridge-side block in a rising suburb where median prices are increasing and last sold in 2007. Buyers should factor in potential development approval timelines and the cost of any future rebuild, but the property’s rental yield and location strength mitigate downside risk.