28 Azalea Avenue Wauchope NSW 2446

Three existing units | approval for two more | large 1,113m² lot | vacant unit for immediate income. The buying case rests on the property’s unusual configuration: three existing units on a single title with approved plans for two additional dwellings, effectively offering a five-unit complex on a large lot. This is competitively rare in Wauchope, giving a buyer immediate rental income from two leased units and a vacant unit that can be tenanted or used for owner-occupancy while development is staged. It serves best an investor or developer seeking a phased approach—cash flow now, density upside later—without the risk of a vacant site. The primary risk is the single-title structure, which limits individual unit sales and may constrain exit options; the buyer must hold the entire complex or sell as one parcel. Development approval adds value but carries council compliance and construction cost exposure, so due diligence on approval conditions and site services is critical. The opportunity lies in financing the build-out from existing rents, reducing capital outlay. Hold for rental yield and incremental development, or sell post-completion as a completed five-unit block for a premium.