3 Mildura Street, Bellerive TAS 7018

1959 house with separate income studio | 670sqm lot in Bellerive | requires renovation | ultra-convenient location This property presents a rare configuration for its suburb: a large, under-utilised block with an existing detached studio offering immediate income or flexible use. Its position in high-demand Bellerive, with proximity to Eastlands and the city, secures its fundamental value. This house is best suited to a buyer seeking a strategic land holding with an existing dwelling, capable of supporting renovation costs while benefiting from the studio’s cash flow or utility. The primary cost is the capital and effort required to modernise the main residence, a material project that will dictate final value. The studio, however, provides a logical commercial offset, capable of generating rental income to service debt during works. Acquire this as a long-term hold, prioritising the main house renovation to unlock the full premium of its land size and location, with the studio sustaining cash flow throughout. A comparable townhouse at 3/12 Mildura Street, built 2011 on a 341sqm lot, has an estimated value of $743,000. This newer, lower-maintenance property provides a benchmark, suggesting the subject property’s significant land component and development potential are the drivers behind its listed price point, offsetting its dated condition.