3 Geale Street, George Town TAS 7253

1963 build | 668sqm fenced block | leased to 2026 | near three schools | no overlays This property presents a competitively strong entry point into the George Town market, defined by its secure tenancy and generous, usable land parcel. The fully fenced 668sqm block with a modest 15% building coverage is rare for a starter home, offering immediate rental income security until late 2026 and significant future subdivision or extension potential. It serves the long-term investor seeking a low-maintenance holding with a reliable yield, or the owner-occupier planning a future renovation on a sizable, unencumbered lot. Your decision hinges on the cost of waiting versus the security of income. The primary risk is capital growth lagging behind the wider suburb median, given the dated improvements and single bathroom. The opportunity is acquiring a cash-flow positive, strategically located block where land value underpins the purchase. Acquire as a long-term hold; the existing lease provides stability to assess redevelopment or resale options post-2026 without pressure. Recent comparable sales nearby: – 51 Adelaide Street, George Town: Sold with offers over $419,000 for a 3-bed, 2-bath, 1-car configuration. This comparable, with a superior bathroom count, suggests the subject property’s estimated value range is credible, with its pricing appropriately reflecting its single-bathroom layout and older build.