WWYD - Uninhabitable 2nd Property

Context

• 31F and 35M
• 380k not including bonuses. Potentially another 35-40k per year. I'm on 250 and my partner is on 130. No kids or dependents.
• $1.4m PPoR with 900k mortgage under both our names
• Around 120k spread between the two of us across separate trading accounts. Various shares/ETFs.
• 150k in offset.
• 2nd property under my partner's name but it is uninhabitable and non-revenue generating. Land value approx. $800k.

Question

• We don't want to sell the second property but feel it's a waste just having it sit there.
• We estimate we could strip it back and get it rented out with $200-$250k. KDR would probably be 500-600k. Expected rent would be $700-800 a week.

Is it a good idea to take out a loan at this stage to get it rented or should we continue to focus on paying off the PPoR? Or pay sell our shares to pay down the PPoR and try take out a second loan to debt recycle into the IP?

Many thanks