Inspection By Appointment.
Here’s a real estate diamond with unlimited potential. An 809-square-metre block of land in the inner-city golden circle, just two kilometres from the CBD in an area that’s going from strength to strength. It’s perfect for investors or developers, who have the luxury of boundless choices about what to do with the land.
The Existing Structure
The self-contained units are all separately metered for gas and electricity, and each has their own private entrance; all on one title. Units one to three have their own carports, while there is uncovered parking space available for unit four.
Unit 1: Three bedrooms with built-in-robes. There’s a lounge, dining room, internal laundry and one bathroom with shower and vanity. Currently rented for $380/week.
Unit 2: Two bedrooms, one with a walk-through robe. A lounge and dining room with air-conditioning, and a bathroom with shower and vanity. Currently rented for $280/week.
Unit 3: Single bedroom, one bathroom with shower over bathtub. Currently rented out for $250/week.
Unit 4: Single bedroom with built-in-robe, one bathroom with shower and vanity. Built-in utility room and laundry. Currently rented for $869.05/month.
All told, that’s a total of $57,720 approx. annual rental returns. There’s no body corporate associated with the complex.
The elevated block of land has no flood flags and has dimensions of 20-metres x 40.45-metres approximately. The off-street parking it offers is particularly appealing in this busy inner-city location.
The Prime Location
Ross Street in Woolloongabba offers easy access to the Pacific Motorway and is just a short drive from the city centre. This area has boomed into a vibrant, popular retail, dining and entertainment hub. Real estate has benefited from the abundance of services in close proximity, and as the development continues so does the capital growth.
This property is:
- A short walk from the Mater Hospital;
- Walking distance to Park Road train station, with plenty of other public transport options within easy reach;
- Proudly sitting in the Brisbane State High School catchment and will be in the newly built Inner City South Secondary College catchment, there are plenty of schools nearby including St Laurence’s College and Dutton Park State Primary School;
- A five-minute drive to Southbank Parklands with its array of cafes, restaurants and venues;
- Under a kilometre to the Gabba Cricket Ground;
- Easy access to shops, services, chemists, medical centres and takeaways.
This could be one to land bank, rent out the existing units and enjoy the capital growth of inner-city Brisbane. Or there are a number of development options you could pursue, subject to council approval. These could be:
- Renovating the existing structure to a modern standard (STCA);
- Re-zone it for commercial use and turn it to offices or consulting suites (STCA);
- Raise the existing house (STCA);
- Create a sub-division of two blocks after moving the pre-war home to one side (STCA).
Are you interested in this blue-chip real estate with its multiple development possibilities? Please get in touch with The Henry Wong Team® as soon as possible.
This property is being sold by auction or without a price and therefore a price guide cannot be provided. The website may have filtered the property into a price bracket for website functionality purposes.