Got a spare $6m .... have we got a deal for you
IF YOU had $6 million, what would you buy?
How does a beach house sound? Or perhaps a boutique hotel? How about both?
Well that's an option available in Byron Bay right now, and it's not one that's likely to come up every day.
Three blocks of land on Shirley Street, side-by-side, have just hit the market for a seemingly staggering $6- 6.6 million.
For that sum you'll get three older-style cottages on the busy main road into town, just a minute's walk from the CBD and beaches of Byron Bay .
Managing agent Paul Banister from First National Real Estate Byron Bay said it's not so much what is there now, but more what could be there that makes this property so valuable.
"It's almost impossible to get something like this near the CBD,” he said.
"It's 2250sq m of land, with development approval for a 16-room boutique hotel, with a licenced restaurant, a pool and a day spa.”
Mr Banister said there are plenty of developers waiting in the wings, but they are looking for land for much bigger "Gold Coast-style” developments than the town can accommodate.
"It just doesn't exist. With the height restrictions in Byron Bay, you just can't come along and put up 20 levels.”
And that is what makes this property unique.
The owner he said, had "done the hard yards” to acquire the three blocks together and to work on a development that would get approval from Byron Shire Council.
"It's hard to get land,” he said, adding there was interest in if and when prices would plateau in the town.
Mr Banister said it was down to supply and demand, and so far the usual influx of spring listings of houses for sale in the town had not yet started this year, and that might push up prices for what is available.
"It might pick up. We might see a late start ... it's an interesting time.”