Prime Childcare & Multi Dwelling Development Opportunity

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32 Railway Parade, Mittagong NSW 2575

Price Guide 1,600,000 - 1,700,000

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$1.6M - $1.68M Transparent Transparent Listing Based on an openly advertised listing price.

House 3 Beds 2 Baths 1 Car 1125 m²

Listed: 8 days ago

Updated: yesterday

Overview

Located in the central hub of Mittagong, this 3-bedroom, 2-bathroom house sits on a substantial 1,125sqm level block enjoying a favorable north-facing aspect. The property has been recently refurbished, including an extension in early 2024, which along with an updated kitchen and a substantial 13.7kW solar system, provides a contemporary living experience.

The site is distinguished by its R3 Medium Density Residential zoning and features Development Application approval for a two-storey childcare centre with 83 places, dedicated learning rooms, outdoor play areas, and underground parking for 24 vehicles. This zoning and approval unlock exceptional development potential, offering investors and developers numerous options.

Besides the childcare centre, the property provides scope for constructing three townhouses alongside the existing dwelling, subject to council approval, significantly enhancing the site's development feasibility. There is also potential for innovative uses such as a boarding house or co-living arrangement, enabling a diverse range of medium-density residential developments.

Currently, the residence can function as a comfortable home or generate rental income estimated at up to $850 per week. The property’s proximity, just 100 meters from Mittagong railway station and within walking distance to schools, shops, and the town center, adds to its appeal by offering convenience for both residents and future users of the approved childcare facility.

Key features include:

A level, rectangular land parcel of 1,125sqm with excellent northern solar access
R3 Medium Density Residential zoning suitable for a range of development opportunities
DA approval for an 83-place, modern two-storey childcare centre with substantial parking
Feasibility to add three two-storey townhouses while retaining the existing home (STCA)
Potential for other residential development forms such as boarding or co-living solutions (STCA)
Highly central location offering easy access to transport, educational, and commercial hubs

This property stands as a rare offering balancing immediate residential utility with compelling medium-density development prospects, appealing to families, investors, and developers seeking a strategically located parcel in Mittagong with approved plans and a flexible future-use horizon.

Local Market Insights

In Mittagong, Quiet Listings observed 26 new houses entering the market over the last 30 days, up from 16 during the previous 30-day period, with an average advertised asking price of $1,580,415. The property type mix of listed properties is predominantly Houses at 84%, followed by land (10%), and commercial properties (6%). The most active agency for houses in the Mittagong area is currently Ray White, representing 50% of new listings, followed by The Agency with 12%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.