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Latest Alerts

A Little Bit Extra


This 1 into 2 lot subdivision opportunity is a ‘little bit extra’. At 23m wide (approx), each lot will be about 11.5m wide – that’s a little bit extra over the typical 10m width we see. At 930m2 approx, each lot will be about 465m2 – that’s a little bit extra over the 405m2 lot size we typically see. Whilst the suburb is ok, the street itself is ‘a little bit extra, being possibly the best street in the suburb (and in reality it should be included in the neighbouring suburb). Couple this with the fact it has a North-South orientation, slight elevation, and a NW through North to NE suburban aspect, everything about this spells ‘extra’. Let’s also not forget the existing brick home, whilst dated, is apparently immaculate and quite large with 5 bedrooms in total, so it may suit an owner occupier or land banker. The numbers support two x two storey homes for about a 19-20% equity gain. A simple project for a great outcome. Even the buy price of $1.45m represents good value considering the quiet street, large house on large land.

Upside


This 810m2 LMR2 site is surrounded by units and within a short walk of train, allowing 3 storeys as of right, which should net you 6 gun barrel style townhouses, but with potential scope to take advantage of proposed rule changes and achieve 4 storeys and reduced parking. Not a bad upside to have! Off market and looking at $1.7m to $1.8m.

Basic


Pretty basic and boring this one. We like basic and boring! Post-war house that is liveable, can be demolished, sitting on 2 lots of LR land, gently sloping and close to train and local shops. There’s three development options that stand out for the site, a fourth if we include simply land banking. Though the numbers for all three options are only average, the simplicity and state of the market make this alert worthy! Buyers at $1.45m.

Troubles


We don’t know the owner’s reason for selling, but we can theorise that they’ve had troubles with their numbers, and with stormwater. Good news is we’ve got a solution to both! On offer is a fabulous 860m2 LMR site in a quality street, within a premium suburb, with superb Northern views. It comes with approval for 4 x 3 storey townhouses, which whilst are a good layout, quite frankly is undercooking the site and has created a stormwater issue. Our fix is six townhouses (the architect clearly didn’t try hard enough) that gets stormwater to the kerb. Our numbers for this sit at around 30% equity gain. As an added bonus, the site already features 4 flats bringing in $95k pa. At 3.5% gross this doesn’t represent a great return (actually it is good for the location), but is far more rent than you could usually expect from a development site in this location. The greater advantage is more infrastructure credits can be applied. This is a great opportunity. Expectations are mid to high $2m. Our numbers work up to $2.75m but let us aim for a little less initially.

 

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