A private investor has acquired a South Brisbane site with development potential for $4.25 million.
The 911 sqm property at 39 Manning Street, South Brisbane, features a 30-room boarding house with income of $185,000 gross per annum.
The site is zoned high density residential allowing potential for eight storeys of development with 80% site coverage.
CBRE’s Lachlan Tully and Callum Short sold the site via a cash unconditional contract in three weeks from appointment on behalf of the private vendor.
Mr Short said the holding income, development potential and strategic location within the Brisbane State High School catchment area were strong drivers for the purchaser.
“Since the introduction of the Brisbane City Council 2014 City Plan and the Kurilpa Neighbourhood plan, which both encourage residential development, there are very few sites remaining in the precinct with good development fundamentals and strong short-medium term holding income,” Mr Short said.
Mr Tully said the property presented a unique opportunity to purchase a South Brisbane site which would benefit from strategic, staged development.
”The residential apartment market is still strong in Brisbane, however, developers are wary of the pending supply and are eager to secure development sites in the boutique unit market before the boom lapses,” Mr Tully said.