OFF MARKET

80 Cullen Street
Nimbin NSW 2480

Bedrooms: 5
Bathrooms: 2
Car spaces: 2
Land area: 1432m2
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Last updated 26 Aug 2024
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Property Details for 80 Cullen St, Nimbin

Building Type
Land
Land Size
1432m2
Local Government
Lismore
Lot/Plan
4/DP1026562

Last Listing description (August 2024)

On offer is the renowned Oasis building and grounds, and the separately titled adjoining residential cottage and grounds. The Oasis is a mainstay Commercial / Residential premises in the heart of the iconic tourist hub of Nimbin NSW. A proven commercial success with over 20 years of almost 100% of retail and residential tenancy, this fabulous two storey building comprises 10 rentable spaces including residential accommodation upstairs. Its title is 1,432m2. In addition, the adjoining 2-bedroom 1 bathroom home is one of the original cottages of the village on a title of 1,208m2. Cute and cosy, it has the potential to be extended. Both with main street frontage they are now being offered together as a blank canvas for you to develop the 24 accommodation units or re-configure or re-tenant to suit the new owners purpose.
The Oasis, 80 Cullen Street, a lovely old two storey building, the commercial premises, has seen many refurbishments and renovations over the years, primarily to accommodate a large restaurant/caf at streetside with a huge undercover outdoor seating area. This has traditionally been the meeting place for Nimbin residents and their friends to relax with a coffee, listen to music, meet friends, and even play a friendly game of chess! Given its ability to accommodate large numbers, weddings, birthdays, and large gatherings, it has also been the stopover of choice for busloads of national and international tourists travelling from the beaches of Byron Bay to the visually dramatic mountainous region of Nimbin and surrounds.
And the point of difference with this commercial offering is the DA approval for a 24-room boutique hotel as well as the already built Commercial businesses. This DA, 10 years in the making, is now at the Construction Commencing stage and enjoys the council condition of NO expiry on the start date of the Development. This DA specifically utilizes the large land area behind the Oasis as well as a portion of the land behind the adjoining cottage and takes advantage of its side access to a public carpark. Accommodation in Nimbin and the surrounding hills area is scarce, so taking on such a development would give the new owners an incredible monopoly on modern travel accommodation in this town. With its proven destination attractiveness, Nimbin is the third most visited destination in NSW. It is also noteworthy that under current Council regulations there will be NO more DA's approved of this nature.

Presented at a realistic price of $1,800,000, these offerings scream Potential as well as Location, Location, Location! These combined properties titles boast a large 2,640 m2 of land which is rare, but one with a secured future DA plan is gold! All the plans, DA approvals and the Construction has Commenced Lismore Council stamped documents included in the package.
Due to health reasons, this is a forced sale and a dream for another to complete. Savvy investors take note.

Call John Wilcox today on 0428 200 288 or Samara Burcher on 0429 80 288 for more information including financials.

Property History for 80 Cullen St, Nimbin, NSW 2480

A timeline of how this property has performed in the market
Last Sold
$650,000
22 Dec 2008
  • 26 Aug 2024
    Listed for Sale $1,800,000
  • 15 Apr 2024
    Listed for Sale $1,800,000
  • 13 Oct 2023
    Listed for Sale $2,000,000
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About Nimbin 2480

The size of Nimbin is approximately 72.9 square kilometres. It has 5 parks covering nearly 3.1% of total area. The population of Nimbin in 2011 was 1,667 people. By 2016 the population was 1,474 showing a population decline of 11.6% in the area during that time. The predominant age group in Nimbin is 50-59 years. Households in Nimbin are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Nimbin work in a professional occupation. In 2011, 69.4% of the homes in Nimbin were owner-occupied compared with 68.8% in 2016.

Nimbin has 953 properties. Over the last 5 years, Houses in Nimbin have seen a 70.90% increase in median value, while Units have seen a 80.02% increase. As at 30 September 2024:

  • The median value for Houses in Nimbin is $677,473 while the median value for Units is $489,153.
  • Houses have a median rent of $540.
There are currently 42 properties listed for sale, and 2 properties listed for rent in Nimbin on OnTheHouse. According to CoreLogic's data, 38 properties were sold in the past 12 months in Nimbin.

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Disclaimer
Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all for any loss or damage arising in connection with the data and information contained in this publication.