FIVE sets of neighbours in a quiet Brisbane cul-de-sac have banded together in what’s expected to be a multi-million dollar deal with developers.
The package deal would see 2429sq m of land at 24-34 Windsor Avenue, Lutwyche, sold in one transaction.
Based on recent transactions, residents of Windsor Avenue in Lutwyche could land a deal close to $5 million – amounting to several hundreds of thousands above what they paid.
Patcharin Wynne, who bought her property over a decade ago, said several apartment blocks had gone up in recent months, including one that now overlooked part of her backyard.
“We’re ready to sell the house,” she said.
“There used to be a regular house back there, now it’s an apartment building. It’s good timing to join with the neighbours to sell.”
Their real estate agent Donni Luu of Raine and Horne Woolloongabba said infrastructure growth was driving the changes, with more to come over the next five to 10 years.
“Potentially this might be the last area for development around here because there are many character homes and protected properties in neighbouring suburbs like Windsor.”
His colleague said it made sense for people on smaller blocks such as 405sq m to team up with neighbours to land a better deal.
Patcharin Wynne is keen to sell after an apartment block went up that overlooks her backyard. Pic: Lachie Millard
“This has been rezoned high density in 2014 so that’s the motivation behind the sale,” she said.
Mrs Wynne said the area was close to the Northern Busway, Airport Link tunnel, Kedron Brook Bikeway as well as good shopping centres and parks.
“It’s perfect for young people looking for investment or a new apartment close to the city.”
Dean and Karen Bourke, who bought into the street three years ago, said apartment buildings of up to eight storeys were now permitted in the quiet cul-de-sac.
“Given the size of our block (405sq m), it made sense to join the neighbours,” Mr Bourke said.
“We’d probably move in the same area but check the zoning first.”
Dean and Karen Bourke in front of her their home which is part of the group sale. Pic: Lachie Millard
Original article published at www.couriermail.com.au by Sophie Foster 03/8/16