5 Charles Street, Devonport TAS 7310

large 1336sqm block in Devonport | 1918 character home with subdivision scope | strong rental yield near $520/week | low-risk site with no overlay constraints The property’s primary buying case rests on its unusually large, flat 1,336m² parcel in a well-located residential pocket four minutes from Devonport’s CBD. The 1918-built house itself is modest-three bedrooms, one bathroom, 168m²-but the land is what shifts the proposition. For a buyer seeking future subdivision or expansion potential, this site offers a rare combination of usable size, no bushfire or flood overlays, and existing rental income near $520 per week. It serves best a buyer with medium-term development intent or an investor wanting land banking with immediate cash flow. The main risk is the house’s age and condition, which may require capital outlay before rental or resale. The valuation spread-from $359,000 to $580,000-signals market uncertainty and demands careful due diligence on comparable sales. Subdivision approval is not guaranteed, so the buyer must treat the development upside as optional, not priced in. The property’s best use is as a hold-and-generate: rent the existing dwelling while preparing a subdivision application, then sell the rear lot or build a second dwelling to unlock the land’s full value.