29 Wansey Road, Randwick NSW 2031

First offering in 100 years | R3 zoning with redevelopment scope | 670sqm in prime Randwick | Californian Bungalow-Art Deco hybrid | Flood overlay present This property offers a rare combination of period character and development optionality. The 670sqm landholding with R3 zoning provides a buyer with multiple pathways: immediate occupation of a well-proportioned four-bedroom home with original detailing, or a longer-term redevelopment play under the Low and Mid-Rise Housing Policy. The 13.1-metre frontage and rear lane access are practical advantages for any future subdivision or extension. The location near UNSW and Prince of Wales Hospital ensures strong rental demand, making this suitable for an owner-occupier seeking capital growth or an investor prioritising land value over current yield. The flood overlay is the primary risk factor, potentially affecting insurance costs and future development approvals. Buyers should conduct due diligence on council flood mapping and any associated building restrictions. The property’s 38% building coverage leaves room for expansion, but any major works will require council consent given the heritage-adjacent character. The current rental yield of 2.33% is below market average, reflecting the premium paid for land rather than income. For a buyer seeking a turnkey investment, this is not the right property; for one who values optionality and scarcity in a tightly held suburb, it presents a compelling long-term position.