26 Netley Street, Windale NSW 2306

Corner block R2 | 3‑bed tenanted at $520 | 753m² flat land | reno or subdivision scope The buying case rests on the corner configuration and R2 zoning, which together offer a rare combination of immediate rental cover and medium-term redevelopment optionality. The 753m² flat site with 22m frontage supports dual‑occupancy or multi‑unit potential subject to council approval, while the existing 1950s house provides functional layout and cash flow from a periodical tenancy at market rent. This property suits investors seeking land‑value leverage with holding income, or renovators wanting to add equity before a future subdivision. The location within Lake Macquarie LGA, with good school catchment and no overlay constraints, reinforces its repositioning upside. The principal risk is the 1950s build condition, which may require structural or compliance upgrades before any redevelopment application. The periodical tenancy gives flexibility but demands formal notice and potential vacancy between strategies. Renovation cost should be benchmarked against the $917/m² land rate and suburb growth of 42.6% to ensure margin. The logical hold is to collect rent while preparing a development application for dual occupancy, then either sell with approval or build and sell down.