UNDER OFFER

14 Kennedy Street is ideally located on the corner of Eyre Street in the boutique inner south suburb of Kingston some 6 kilometres from Canberra CBD. The Kingston shops which are bounded by Kennedy, Eyre, Jardine and Giles Streets are adjacent this property.

To the northwest Kennedy Street is mainly developed by two storey commercial offices and across Eyre Street to the southeast of the property is medium density housing. Improvements onsite include a single level brick house and a small brick veneer building which are currently leased as a childcare centre until 31/12/17.

Zoning of the site is CZ2 - Business Zone. Our understanding of the Kingston Precinct Map and Codes is that this site has a suburb precinct map label of PD1 and is classified as RC3. This allows residential use on the ground floor with a maximum building height of the lesser of 15 metres and 4 storeys.

The Crown Lease purpose clause is: -

"To use the said land for the following purposes:

- residential,
- commercial and professional offices; and
- consulting rooms

with the condition that the maximum gross floor area to be used for commercial offices, professional offices and consulting rooms does not exceed 404m²."

Our reading of the above purpose clause is that residential is permissible on the ground floor and there is no GFA limitation on this use.

The property is well situated for redevelopment with a holding income to allow you time to plan and obtain approval for a future development.