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Smashed!


The seller of this off-market property has been smashed, at least that is the blunt way to put it. Initially things were looking rosy for them, with approval granted for 15 apartments at the height of developers getting away with over-the-top non-compliant approvals. Unfortunately the unit market had turned so it wasn’t feasible for him to develop, and as units were on the nose he was unable to on-sell the site. He was chasing $1.2 to $1.3m at the time. The approval has now lapsed, with and extension to the approval refused by council, which is a shame as the unit market is picking up now and the same approval certainly isn’t close to being possible to achieve again. So far he has copped a brutal tackle from a midsized forward but the big hit was still to come. Whilst all of this was happening, benefits associated with fronting an arterial road were taken away, council’s definition of height changed, car parking rates increased, required landscaping increased and allowable site cover came down. This site has been smashed! And if the hits weren’t big enough already, the site is vacant so there’s been no holding income since he purchased it in 2015! So, you may be asking yourself why we are considering it? We believe there is merit in this site and it starts with the seller acknowledging all of the above and setting a revised sale price of $1m. And secondly we’re considering a change of tact with 7 townhouses the proposed outcome. Units have become too difficult for this site due to the rule changes, but it hasn’t affected townhouses quite so much. This seller is retired and needs to move on. Buyers at $1m for a proposed equity gain of 21 to 24%.

Tricks and Twists


This property has a few tricks up its sleeve, as well as a few twists to the point it is difficult to know which option to run with! On offer is a character house that must be retained on 810m2 of land in a fabulous elevated inner-city location, with quality views to the North. In all honesty, it has to be worth the asking price or near it as a straight renovator house on a big block, however, you know us – we are never one to settle with straightforward! The site is zoned CR2 but comes with an approval to shift and raise the house, then build 3 townhouses behind it. This approval is geared towards by the room rental and could be your own personal gold mine, however, there are complications with this (read on to find out more!). An alternative option would be to reconfigure the dwellings to be more owner occupier friendly. Yet another option to explore would be to shift the house forward and do a rear lot subdivision, with land, especially in this area, incredibly hard to come by. There are positives and negatives to all options, and unfortunately no numbers are great, but what we can tell you is this sized block with these options and the inner-city location make for a good combo at the proposed $1.1m buy price. It is also off-market and on-market we think it would likely sell for more.

Twinning!


Twin properties plus winning margins = twinning! Here we have two 1012m2 side by side properties, each containing a house. They are zoned LR and the plan is to create 2 x rear 600m2 lots whilst retaining the houses on two 400m2 front lots. The property is located in a quiet street and handy position within an outer suburb of Brisbane. Our numbers indicate approximately $188k equity gain without applying any escalation rates. Buyers at or just over $1.2m.

Up Up Up


This 810m2 site is in a superb location and consists of two houses and an approval for 5 townhouses, however, we don’t like these plans and the site allows for so much more, with 6 storeys being possible. So instead, we are proposing 20 units, a lot of them achieving a city view. Our numbers indicate approximately 28.5% equity gain, which in all honesty is borderline but there’s a few twists and turns to this one which we’ll need to discuss and explore further. And for those not ready to develop immediately, the fact the site comes with two houses will make holding it and land banking just that little bit easier. At $1.5m (approx) buy, you are also getting two houses at about market value for what they are. It means long term you have growth prospects available to you from the existing DA, the potential 6 storey development, or natural growth for each house on their own.

 

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