OFF MARKET

369-371 Wellington Street
South Launceston TAS 7249

Bedrooms: 5
Bathrooms: 4
Car spaces: 4
Floor area: 286m2
Land area: 296m2
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Last updated 11 Nov 2024
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Property Details for 369-371 Wellington St, South Launceston

369-371 Wellington St, South Launceston is a 5 bedroom, 4 bathroom Unit with 4 parking spaces and was built in 1964. The property has a land size of 296m2 and floor size of 286m2. While the property is not currently for sale or for rent, it was last sold in June 2023.

Building Type
Unit
Year Built
1964
Floor Size
286m2
Land Size
296m2
Local Government
Launceston
Lot/Plan
1/124823

Last Listing description (July 2023)

This 1964 brick rendered residence is a rare find in the current market, offering the unique configuration of four flats on one title. All are currently tenanted to long term occupants with a combined rent of $1,200.00 per week.

Due to the existing configuration, Launceston City Council have indicated that the property does have Strata Development potential, making it an interesting prospect for a savvy builder or developer (STCA). Be advised this property does have some issues with structural integrity and would therefore best suit a buyer that can address the restoration work themselves.

Only an easy 10-minute drive into the Launceston CBD, this property has both an upstairs and downstairs flat situated on each side. There is a shared common entry foyer and central staircase, with inside access from both the front and back of the building.

Each of the floorplans slightly differ however all have built-ins, a bathroom with toilet, a spacious lounge room and a large separate kitchen which incorporates the laundry zone. The two top level flats have the benefit of a large timber balcony which was built in 2010. There is a single allocated parking bay for each occupant and the 296m2 block (approximate) is conveniently low maintenance.

The excellent team at Property Wise Launceston are the property managers for this address. Details for each existing lease are as follows:

Flat 1 (bottom left one bedroom) - $270.00 rent per week. Lease end October 2023

Flat 2 (bottom right one bedroom) - $270.00 rent per week. Lease end July 2024

Flat 3 (top left two bedroom) - $350.00 rent per week. Lease end May 2024

Flat 4 (top right one bedroom) - $310.00 rent per week. Lease end July 2024

Give Rae a call on 0455 445 300 for further information.

Annual Launceston City Council rates $5,145.48

Annual Taswater rates + usage $3,440.00

Flanagan Residential provides this information from third parties as a convenience to you and recommends prospective purchasers carry out their own enquiries and seek legal advice with respect to the property information provided.

Property Code: 489

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Property History for 369-371 Wellington St, South Launceston, TAS 7249

A timeline of how this property has performed in the market
Last Sold
$765,000
28 Jun 2023
Listed for Rent
$140/w
16 Sep 2008
  • 28 Jun 2023
    Sold for $765,000
  • 01 Jun 2023
    Listed for Sale Offers Over $795,000
  • 05 Aug 2021
    Sold for $960,000
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About South Launceston 7249

The size of South Launceston is approximately 2.8 square kilometres. It has 8 parks covering nearly 5.4% of total area. The population of South Launceston in 2011 was 4,447 people. By 2016 the population was 4,589 showing a population growth of 3.2% in the area during that time. The predominant age group in South Launceston is 20-29 years. Households in South Launceston are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in South Launceston work in a professional occupation. In 2011, 54.1% of the homes in South Launceston were owner-occupied compared with 52.6% in 2016.

South Launceston has 2,414 properties. Over the last 5 years, Houses in South Launceston have seen a 56.01% increase in median value, while Units have seen a 43.01% increase. As at 31 October 2024:

  • The median value for Houses in South Launceston is $530,619 while the median value for Units is $378,810.
  • Houses have a median rent of $480 while Units have a median rent of $400.
There are currently 14 properties listed for sale, and 6 properties listed for rent in South launceston on OnTheHouse. According to CoreLogic's data, 97 properties were sold in the past 12 months in South launceston.

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