A granny flat to boost rental returns – Killarney Vale, NSW
An inheritance idea
After inheriting a property in the lakeside suburb of Killarney Vale (Central Coast, NSW), the clients came to us looking to revitalise this holding and also maximise the income it could generate. After we sat with them to explore their hopes and discuss options, they settled on a plan to build a modern granny flat on the land.
This would allow another income stream to be generated from the property, as well as improve its overall market value. Of course, granny flats are precisely what we do, so we were only too happy to help.
- Project description: Building a new granny flat to boost the income potential of an inherited property
- Project cost: $135,000.00, including CDC approval and construction fees
- Result: Successfully delivered on budget and on time
- Build duration: 13 weeks
- Rental Return: Average rental yield in the area is $430/week. Combined with the rent received from the existing home, and this property will swiftly recover its costs.
Located around 5km south of The Entrance, the 3 square-kilometre suburb of Killarney Vale (population: 7200) is one whose profile is rising in an area that is surging.
Accessed by two main roads and occupying a sheltered position just a few minutes away from the wind and salt spray of absolute beachfront, Killarney Vale contains schools, supermarkets, specialist retail, two medical centres and even pockets of lush bushland.
The suburb boasts 2.5km of Tuggerah Lake shoreline – and there’s a pedestrian esplanade the whole length that offers sweeping water views. Meanwhile, the golden sands of Shelly Beach are just a 5-minute drive – or half-hour stroll – down the road.
The granny flat project
While all our granny flats are designed for a great Aussie lifestyle, this one went a little further down that route. Featuring a huge undercover deck to add an “outdoor room” to the living space, it takes full advantage of the excellent breezy weather Killarney Vale is known for. Balmy summer evenings, here we come.
Outside, the clients chose a timeless grey and white exterior colour scheme. Moving inside, the granny flat offers a generous open-plan living and kitchen that makes the most of the overall building footprint.
Under foot, you’ll find timber laminate flooring. At hand, stone kitchen benchtops. And, around you, reverse-cycle split-system air-conditioning. With ample storage options for convenient living, this is the sort of granny flat that attracts tenants who’ll stay long term.
So, a fantastic rental return combined with rental income from the existing home – you can see how a granny flat can give any suitable property a boost. Now, with the project complete in just 13 weeks, it’s fair to say this family has achieved their property goals – and we were happy to play our part.
For just $135,000.00 – yes, including CDC approval and construction fees – the family now has an asset that could generate an additional $430 per week for the property (going by suburb rental averages). Combine that with rent from the main property and you can see how the choice to invest in a granny flat will pay for itself quickly. And, of course, everything after the payback period is positive returns.
Choose Acrow Investments
Acrow Investments is a true local business. Established right here on the Central Coast, we have earned a great reputation for building great granny flats, duplexes and dual occupancies for investors, residents and newcomers. From Newcastle to the Hunter and even as far as outer Sydney, we’re the local crew for your build.
When you contact us, we’ll be pleased to spend time with you, talking through your plans and truly getting across what you want. All our initial site-specific advice is free and our quotes carry no obligation.
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