A Change In Circumstance

This couple had every intention fo carrying out this subdivision and renovating, but their circumstances have changed. With a bub on the way and no time now to renovate, they're cutting their losses and moving on. Their loss is your gain! They've already started the subdivision process and whilst the application is now withdrawn, a number of outstanding questions we had have been answered and they've indicated they will supply us with surveys and plans to date. They are not property people, want to move on with their lives, and they want to do so quick smart, hence the asking price that is actually less than they bought the site for. The subdivision will be via an Impact Assessable application, but all signs point to a positive outcome (to be verified during a conditional period). Here is a rare opportunity to retain an existing house (after minor modifications) and create a vacant block of land for about $150k equity gain. The very inner city location also makes it suitable as a simple buy and hold or owner-occupier situation. We've run numbers at full ask of $760k, though in reality we might need to be a touch higher. 

This property is in a super-quiet street, which is quite remarkable in itself as it is a very inner-city location, just 2.5kms as the crow flies from the heart of the CBD but just 1km from the edge. Local shops are a 300m walk, or 350m if you chose to go to a different group of shops. Bus is just 350m walk as well and due to the location they are very frequent. A 650m walk gets you to a whole new world, complete with supermarket, cafes, lifestyle amenities and educational facilities. In short, the location is very convenient and ideal for long term hold in addition to the short turnaround option available.

The site currently contains a little QLDer home featuring 2 beds, 1 bath and a nice large rear deck and a front verandah that has come to embody the QLDer style. The kitchen is a 90's (at a guess) laminate so very functional but dated. The bathroom will need to be rebuilt as part of the development. An opportunity exists to create a third bedroom, the result being a small living room, but with a separate dining, large rear deck and a location full of small worker's cottages, the outcome is very attractive. 

The best bit is the ability to keep that house and create a vacant block of land beside it. Your application will be Impact Assessable as we are proposing a 230m2 (approx) lot, but from what we can tell it has council support. More work required during a conditional period.

There is evidence to support both the house on a small lot and the small vacant land, with our numbers indicating $150k equity gain at $760k buy (the asking price), however, we believe we need to be prepared to pay $770k in order to secure it. 

This is a good opportunity to land bank, owner occupier, invest or develop. Interested parties should call Justin on 0410511535.

Specifications

Proposed Offer:
$770k
Site Value:
$630k
Land Size:
505m2 approx
Dwelling:
2 bed QLDer 
Suburb Median Price:
Houses $785k
Units $395k
Source: www.realestate.com.au
August 2019

Latest Alerts

Sit and Forget


The rental market has improved recently thanks to a combination of factors. This along with low interest rates makes this property very appealing at 5.9% (approx) gross rent return, however, return alone isn’t enough for us, we always want more! Also attractive here is it is in better condition than most similar product, sits on over 700m2 of LMR land, has a few development options (noting they don’t stack for immediate development) and is in an excellent location, being a  short walk to busway and only 4.4km as the crow flies from the heart of the CBD. This property consists of a Queenslander converted to four flats and returning $65k pa approx. Buyers at or just over $1.1m to simply buy, sit and forget.

A Removal You’ll Be Happy to Have


This house is post-war, which is extremely rare for the suburb and makes it very attractive as a result. There is an option to immediately remove the dwelling to redevelop the site for one or two dwellings, or given the super inner-city location that has experienced excellent and consistent long term growth, a second option exists to hold the property knowing you have flexible options down the track. The property is a large house in liveable condition, setup as dual occupancy, which has the potential to bring you above average rental income if you do choose to hold. If you choose to develop, one big house or two houses (on a simplified two lot body corporate) are the likely outcomes, the latter showing around 18-20% equity gain. Whilst not brilliant, it is more than acceptable when you consider the location and potential hold strategies. Buyers around $1.4m.

Reach for the Stars


We’re talking up some big end values here as we reach for the stars, but this approved development site is in an enviable location and well suited to the downsizer target market. On offer is an 809m2 site, approved to retain the existing house and convert it to two townhouses, and then build a basement car park, two units and three terrace style dwellings behind. All up 7 dwellings that should be at or over $900k each. Our numbers are indicating a 24.6% equity gain on a purchase of $1.96m.

Lucky 7


This site comes approved for 7 units and is in a wonderfully handy location that also has lifestyle merits. There’s 6 x two bedroom units and 1 x 4 bed, 3 bath ‘penthouse’ unit, which would suit both a developer who’d look to owner occupy as well as a downsizer. The site is affected by flooding and overland flow, but the design takes care of this and is where the approval is of great value – no risk or uncertainty trying to get it through today. Further, you’d never have any chance of gaining the same approval again. The site in 800m2 approx and in a very handy street just 4.8km as the crow flies to the CBD. Our numbers are indicating about 23.5% equity gain, which is more than reasonable when you consider it is a relatively small development (for units) and already approved. This property started life at $1.1m+ but we now believe we can buy for $900k.

 

Join our community

Community

Join Our Community

Keep up with the latest developments in the market for established properties in South East Queensland.

 
E-mail Address:
Full Name:
Postcode: