A Pakenham property that “pays for itself” with loads of cash making potential has hit the market.
The expansive 11.92ha property at 95 Thewlis Street features a four-bedroom house, however Hockingstuart Berwick director Trevor Rowley mentioned it was additionally a “enterprise alternative”.
The parcel options two present lease holdings that generate a powerful passive revenue of greater than $74,000 per 12 months, along with a mattress and breakfast inside a transformed 1917 prepare carriage.
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Mr Rowley said Telstra had a “very small portion (of land) on the property that they rent” for a red brick Telstra Exchange building, in addition to a second power box from electricity transmission network AusNet Electricity.
“The landholding is so big, the leases don’t impact the property at all,” Mr Rowley said.
He said the former bed and breakfast, known as the Red Rattler Retreat, could also add an estimated $35,000 per year if the savvy buyers re-established the business inside the self-contained one-bedroom converted carriage.
“Depending on how much you borrow, the income streams would cover a lot of the mortgage. It pays for itself,” Mr Rowley said.
The property is up for sale with a $3.6m-$3.96m price guide.
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“You’ve got all this space, there’s a great opportunity to make some money off it,” the agent said.
“There’s another property nearby and they charge about $50 a month to store people’s caravans and boats on, because the blocks are getting smaller and smaller.”
He said it was ideal for buyers who wanted to live on the lifestyle property while also “using a few acres” for their horses or motorbikes.
The property was set to change hands after being in the same family for about four decades.
Seller Jessica Wade said her mother had always wanted an old-style train carriage to complement their Thewlis Road home. They purchased it from a man who had kept the carriage at his Pakenham Upper property.
“We finally got one in around the mid-1980s but the logistics of getting the train (carriage) here were pretty difficult, because we’re on top of a hill,” Ms Wade said.
“So we had to get a big crane to get it over here.”
She said the family had updated it over the years and had made it more “comfortable” for guests and visitors, while retaining its original features.
The property is for private sale.
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