Here’s our pick of the best buys in Brisbane and some of its surrounds at the moment — and they’re all under $800,000.
34 Ivy Street, Toowong
With tongue-and-groove floorboards, a cast-iron fireplace begging for love, a sunroom, and a prime position on 405 square metres, this three-bedroom original workers’ cottage is bound to catch eyes of inner-west renovators. No price has been set yet but agent Alex Jordan says as a vacant block on land it would achieve over $600,000.
McGrath, Alex Jordan 0410 424 749
81 Payne Road, The Gap
The rear of this multi-tone brick house surprises. There’s a single-garage-cum-workshop or home office between the double carport and an elevated timber sundeck, and there’s also a pool. It is fully fenced on a 625-square-metre block, and has three bedrooms with a further small room inside that could become a fourth bedroom or study.
Harcourts, Stephen Dangerfield
48 Bringelly Street, Arana Hills
From its white picket fence to its flat sandpit-friendly backyard, the DNA of this three-bedroom, one-bathroom house is pure family. Set on a flat 607-square-metre block about 20 metres from the local bus stop, Grovely State School is 900 metres away and Arana Hills Plaza, restaurants and cafes are at the end of the street.
Coronis, Jo Dryden 07 3351 5151
19 Allamanda Crescent, Albany Creek
This substantial four-bedroom, double-storey house sits on a 1250-square-metre landscaped block. It has ample room for its pool and double garage, and there is a massive covered entertaining area and both casual and formal living and eating rooms. Two state high schools are located within 2.4 kilometres of the front door.
Style Real Estate, Claire Little 0422 755 171
40 O’Quinn Street, Nudgee Beach
This 54-year-old updated beauty on a double block opposite the beach offers three bedrooms, three bathrooms and 1000 square metres of land. Open-plan living and dining space, plenty of natural light, timber floors, and a second living area with clever built-in bench seating and storage are boons. The rear has a storage shed, two garden sheds and a single garage.
Calio & Scott Real Estate, Carl Calio 0416 145 288
6 Chase Crescent, North Lakes
Worth a look if a first-time home buyer, or investor watching budget-friendly growth areas, this super neat, modern three-bedroom, two-bathroom house also has a double garage. It is set on a low-maintenance and landscaped 486-square-metre block. It also has decent-sized, open-plan living and media rooms.
Hudson Property, Viv Robinson 0407 918 184
50 Windsor Place, Deception Bay
This two-bedroom, one-bathroom cottage on a 397-square-metre corner block has serious update or rebuild potential. Set three blocks west of Moreton Bay and one block to the suburban public primary school, it is liveable as a home or easily rentable with a modern kitchen and fenced backyard. It has a separate sunroom and a single carport.
Ray White, Lydia Robins 0438 166 763
441 Beenleigh Road, Sunnybank
This renovated, four-bedroom, one-bathroom house has parking space for two cars on a 708-square-metre block. The floor plan is open between living, dining and kitchen areas and the metro rail station is about 400 metres away. Its reserve price is unknown as required by Queensland auction laws, but it was found in a search for homes under $800,000.
Auction, June 29, 12.30pm
RE/MAX, Gary Dellios 0411 879 935
4 Parliament Street, Bethania
The federal election is done for 2019, but here is another way to get into Parliament. With three bedrooms and one bathroom, this brick-and-tile house also has a double carport and a double garage. On a flat 758-square-metre block, the back section is contained making for a fine play zone. Neutral timber-look flooring in the kitchen-meals area balances the retro swirl carpet in the living-dining.
LJ Hooker, Trina Wilson 0427 188 500
Hong Kong investor splashes out $19.5m on office
Who says the office is dead? Despite the many obituaries written for the office in the past 12 months, investors are undeterred.
This week, a Hong Kong investor splashed out $19.5 million on Beams Projects’ new office in Richmond.
The freshly leased building at 45 Wangaratta Street was snapped up in a deal reflecting a highly competitive 3.7 per cent yield with only a 21 day settlement.
Records show Cheerich Property, the local subsidiary of Hong Kong ragtrader Cherry Body Fashions, slapped a caveat on the property during the week.
The boutique 1413 sq m office project was built over the old Duchamp clothing warehouse in the old ragtrade precinct behind Richmond railway station and the Corner Hotel.
It’s now called the Richmond Interchange Precinct. The property sits on just 368 sq m reflecting a building rate of $13,829 a sq m and a land rate of $53,100 a sq m – new benchmarks for the city fringe office investment market.
A year ago, an old double-story factory at 32 Wangaratta Street on 629 sq m sold for $8.8 million. Records show it was bought by the Benjamin Duncan Property Group.
JLL agents Josh Rutman, Piers Jalland, Tim Carr and MinXuan Li ran the campaign which attracted more than 150 enquiries from local private investors, syndicates, and owner occupiers.
“The fact that the building continued to lease up well during the height of pandemic last year resonated well with buyers given the continued debate about the return to the workplace,” Mr Carr said.
A cashed-up private investor has agreed to pay $12 million for the Dandenong Family Court building, despite the court’s lease expiring in 2023.
The uncertainty over the lease, especially as the court recently merged with the Federal Court, kept the yield comparatively high at 6.5 per cent.
Sources say it can be difficult to get bank financing at that kind of yield so the buyer is likely to have deep pockets.
The 2729 sq m office at 53-55 Robinson Street has been a family law court since the mid-1980s.
The Commonwealth government’s lease runs out in July 2023 and there are no further options. Annual rent is $782,413 a year.
The deal was done by Gross Waddell ICR’s Alex Ham and Michael Gross with CBRE’s Scott Orchard, Scott Hawthorne and Jimmy Tat.
Mr Orchard said the uncertainty stopped the transaction achieving the sharp yields usually obtained by government-leased buildings.
A Family Court representative told Capital Gain there were no plans to move.
A family-run boutique student accommodation building on the city fringe has been listed for sale as the flow of international students dries up.
It is understood the 43-room property, known as Albert House, has just four students living in its dorms.
The 1600 sq m three-storey building at 57-64 Drummond Street was configured into accommodation in the 1990s but it started out as offices for the Australian Workers Union.
Records show the AWU sold up in 1997 for $1.05 million. It’s expected to fetch more than $10 million.
Expressions of interest, closing on July 1, are being handled by Gross Waddell ICR agents Raff De Luise, Julian Materia and Danny Clark.
The property is on a 604 sq m site near the corner of Queensberry Street and has room for 10 car parks.
Meanwhile, bigger players like Scape are planning towers for the Carlton precinct to house the students expected to return in the future.
Former CBRE agent Mark Wizel, who struck out on his own last year, establishing the Wizel Property Group, is ramping up his activities.
Two shops opposite Fairfield railway station owned by Mr Wizel have been leased to Burgertory and the Bean Smuggler.
CBRE agent Jason Orenbuch said the 92 sq m and 98 sq m shops at 7-9 Railway Place, the foot of a new apartment building, were leased on 10-year terms.
Mr Wizel has been a keen investor in new strata title retail and confirmed he also owns around 150 sq m of space in Caulfield.
In Prahran, Wizel Property Group’s Lewis Tong made the winning bid of $5.2 million for a two-storey shop at 257 Chapel Street on the corner of Greville Street – a sharp yield of 3.35 per cent yield.
Mr Wizel did not return calls so it’s not clear if the group was acting as buyer or buyer’s representative.
Gross Waddell ICR agents Michael Gross and Andrew Waddell handled Thursday’s auction on the eve of lockdown.
The sale was struck at a building rate of $8228 a sq m and a land rate of $10,505 a sq m. There are offices on the first floor and the long-running discount store Supa Bargains on the ground. It returns $230,000 a year from leases expiring in 2026.
Two bidders competed in front of a crowd of around 40 for the property.
By Friday, auctions were back online and the Oreana Group paid $13.15 million for a row of faux Tudor shops at 169-175 Toorak Road. It adjoins South Yarra Square which it purchased for $35 million last month.
Speaking of faux Tudor shops and Prahran, a row opposite Prahran Market at 182-194 Commercial Road is expected to sell for $8 million.
The shops, leased to Red Cross, Mediterranean Butchers, Rare Earth Hair, Eugenie French Cake Shop and Carpe Diem Bar, are on 1130 sq m of activity centre zoned land which could allow for a five-to-seven level tower.
They return $380,000 a year in rent. Sonebridge agents Rorey James, Julian White, Nic Hage and Chao Zhang are handling the auction.
A regional syndicate associated with fund manager, Castlerock, is selling a Spotlight store in Sale.
The Gippsland Spotlight, has been held by the syndicate since 2004. It’s managed by Castlerock whose founder, Gippsland born-and-bred Hank Bronts, is also a member of the syndicate
Spotlight, a tenant of 30 years, has signed a fresh 10-year lease on the 216-228 Raymond Street property. Total income is $287,000 a year.
The 1908 sq m building is on a 6774 sq m site in the middle of town and expected to sell for more than $3.5 million.
Expressions of interest close on June 23 through Stonebridge agents Rorey James, Nic Hage, Kevin Tong and Justin Dowers.
Article Source: www.brisbanetimes.com.au
Inner-Brisbane Development Site Hits The Block
A substantial blue-chip block of land in inner-city Brisbane has hit the block for the first time in 60 years.
The Alex Gow Funerals property is a 5272sq m mixed-use development site at 56 Breakfast Creek Road, Newstead.
Savills national director Peter Tyson said the site was a “high-profile gateway location” to the city in Brisbane’s affluent inner-north.
“The Newstead—Teneriffe—Fortitude Valley axis has arguably become the most desirable development destination in inner Brisbane and is within walking distance to the Gasworks retail and restaurant precinct,” he said.
“Sites of this scale with wide-ranging mixed-use potential in such prime locations are increasingly rare and this site will be seen as a trophy opportunity by residential and commercial developers alike.”
Savills director of commercial sales in Brisbane Robert Dunne said the site occupied a commanding position on the corner of Breakfast Creek Road and Dunlop Street with “enormous exposure” to passing traffic.
He said the site was close to public transport and offered a high level of amenity for future development projects.
“Newstead has an industrial-chic vibe featuring stylish bistros, dates and craft breweries including other landmark precincts such as James Street and Brisbane’s new Mercedes headquarters,” Dunne said.
Breakfast Creek is undergoing substantial urban renewal of the former industrial hub. Churchill Developments recently lodging an application to develop an eight-storey mixed use building further down the road.
It is understood Alex Gow Funerals, Queensland’s first funeral business, bought the site and moved there in November, 1963.
The “ultra-prime” site offers building potential for residential apartments, retirement and aged care, education and health care, commercial and retail development.
Savills will market the site via an expressions of interest campaign that will close on July 15.
Article Source: www.theurbandeveloper.com
Vistas St Lucia apartments popular with first home buyers as construction finishes
The development has been a hit with first home buyers so far, who have been taking advantage of the one-bedroom apartments
The construction of Barber Property Group has finished the construction of Vistas St Lucia, its newest apartment development in the leafy Brisbane suburb.
And the development of 32 apartments has been a hit with first home buyers so far, who have been taking advantage of Vistas one-bedroom apartments, the first one-bedroom apartments built in the suburb for five years.
The rest of the apartment sales so far has been to investors who are looking to leverage the prominent student rental market given Vistas proximity to the University of Queensland.
Barber have a solid case study in the area, having completed Eton, a boutique development of just nine apartments, nearby. Investors are now seeing seven per cent rental yields.
“The numbers stack up very well for investors looking to capitalise on St Lucia’s unique market, as it benefits from a range of buyer types at different stages of their lives,” Barber Property Group boss Paul Barber says.
“Although the student market has sat dormant for the last 12-months, with the current roll out of the COVID-19 vaccine, interest is picking up, so we anticipate a rush of international students at the end of the year, ahead of the first semester in 2022.
“Still, with many international students out of the equation, demand in St Lucia’s has remained high with recent occupancy rates as low as 1.7 per cent.”
Raymond Barber Architects, in collaboration with CG Design Studio, designed the apartments with earthy colour palettes and natural timbers that integrate with the St Lucia aspect.
There are nine one-bedroom apartments, 14 two-bedroom apartments and nine three-bedroom apartments, as well as communal facilities including a large open-air terrace and BBQ area with city views.
Barber said the company anticipates strong demand for Vistas St Lucia, as the area’s lifestyle factors play a big drawcard, with the proximity to the city and river, abundance of cafes and restaurants, and quintessential ‘Queensland feel’ high on buyers’ wish lists.
“Prior to completion, approx. 40 per cent of the luxury apartments had sold, really reiterating the market’s desire for new inner-city stock,” Barber said.
“We’re noticing a resurgence in demand for one-bedroom apartments, with a mix of downsizers and young professionals wanting to get into the inner-city suburbs, as well as demand continuing for larger two and three-bedroom properties.
Article Source: www.urban.com.au
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