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Interesting


In all honesty we dove into this excitedly assuming the numbers would be better than they are. Never-the-less, this is still a unique and interesting opportunity. On offer is a property that ticks a lot of boxes… 809m2 land area, corner lot, fairly gently sloping, quiet position, handy to shops/cafes/transport, Medium Density Zone, an existing brick block of three units. Where do we sign! Knowing it was on a corner, we knew 5-6 three storey townhouses was the likely winning option, though for those wanting to go bigger, there is potential for up to 5 levels for units (but this also needs you to go down with basements). And whilst the rent returns are reasonable for the product (and good for a development site), the development numbers are falling short. That said, this is still a great opportunity, perhaps for renovation and returns, maybe as a land bank, possibly for units, or perhaps even to develop townhouses if we can find a way to improve the numbers. Buyers at $1.5m.

Hedge Your Bets


This is a great site, that would be a super great site if we could demolish the house. Unfortunately, despite some strong arguments for demolition, we need to assume this very average house (that would have originally been a nice colonial) needs to stay, so we need to hedge our bets. But not to worry! Whilst the numbers aren’t as good, there’s still terrific upside and a fantastic development option up our sleeve. On offer is a 740m2 (approx) corner site zoned LMR. Whilst demolition would result in 4 new freehold terrace style homes, the more likely scenario is retention, subdivision and a dual occupancy (i.e. a duplex) in the rear portion of the site with frontage to the side street. The numbers for this indicate a very respectable 24% equity gain – not bad considering our plan involves limited to no renovation, and the construction of only two new townhouses. Buyers at $1.57m should call Justin on 0410511535.

Be Smarter


This site comes with complexities, complexities that we (and our planner) believe are easily overcome but appear to be too much for this seller. On offer is a 620m2 relatively flat, corner site zoned LMR, that has one frontage to a main road with a proposed widening. This widening appears to have stumped the seller with their current application, but appears more than workable with some minor adjustments to the proposal. We’re proposing a two lot subdivision for rooming accommodation. The site may also suit townhouses but we don’t believe this will stack at this point in time. Alternatively, the existing 4 bed house is bringing in $650pw, so there may be scope to hold and consider townhouses at a later date. Despite the main road position, the location is awesome, with pub, cafes, fast food, local shops, Coles and train all within a hop, skip and a jump. Buyers at $1.08m should contact Justin on 0410511535.

Glass Half Full


This subdividable 607m2 block has some pipes in it, which on first impressions may be considered a negative, but as we’re glass half full kind of people, we see them as a positive! Firstly, the stormwater pipe allows subdivision without involving the neighbours despite the slope to the rear. The fact the agent doesn’t appear to be aware that you can subdivide is an added bonus – let’s keep that a secret. We also think the pipes will detract from standard house buyers and knock-down-rebuild developers, but we’re proposing rooming accommodation and the pipes certainly won’t affect rent or end value, just a little bit when it comes to design and construction cost. The location is perfect for rooming, and to be frank, sub $1m for a subdividable block is this location is excellent buying. Buyers around $950k should call Justin on 0410511535.

 

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