With a recent independent valuation of $1.63m, this has got to be the buy of the century!
Go all out and build something similar to the renders provided (that are from a now-lapsed but previously approved planning permit) or perhaps start your own medical/health clinic or drive-through coffee (STCA). The options are endless and while vacant possession is available, you could choose to keep the renter on their month-to-month lease while you do your planning.
Be quick.