8 Alawa Avenue, Modbury North SA 5092

Large family block in Modbury Heights | Tenanted until 2026 | Zoned for potential townhouses | Rare 699m² allotment This property presents a rare and versatile holding in a well-established family suburb. Its substantial 699m² parcel with wide frontage is increasingly uncommon and provides immediate rental income alongside clear development potential for up to four townhouses, subject to council approval. This configuration creates a compelling hedge, serving an investor seeking secure yield or a developer acquiring future stock in a high-demand location. Your decision hinges on tolerating the flood overlay and committing to a lengthy planning process against the opportunity to secure a large, well-located block with built-in income. The tenancy provides cash flow to offset holding costs while plans are finalized. Acquire this as a strategic land bank with income cover; its highest value is realized through subdivision, not as a standalone house. Recent comparable sales data is limited, but the property’s own sales history is instructive: – Nov 2021: $670,000 This prior sale at a significantly lower price underscores the substantial capital growth already captured and frames the current premium as a payment for future development potential, not the existing house.