Teneriffe in inner suburban Brisbane has become a hot spot for developers looking for potential apartment sites with Ray White Industrial Milton’s Paul Anderson completing a trifecta of recent sales there for a total of $12.5 million.
14 Helen Street, 33 Wyandra Street and most recently 37-41 Wyandra Street, Teneriffe (pictured) were sold for $3.5 million, $3.7 million and $5.05 million respectively to private developers.
Mr Anderson said the third transaction, on behalf of Colmark Pty Ltd, had benefited from the overflow of interest in the first two properties.
“There is a real hive of development in the Teneriffe area so when rare opportunities such as this arise, buyer interest is exceptionally high,” he said.
“Not surprisingly the property was sold in two days as we had residual interest from the first two campaigns.
“Accordingly, it was the third deal in 45 days with sales totalling $12.5 million.”
Mr Anderson said the purchaser intends to develop apartments at 37-41 Wyandra St, which comprised three adjoining lots with a total land area of approximately 1,229 sqm.
“The three properties are connected by a single-level warehouse structure that has previously been converted into four modern office suites, which include suspended ceilings, carpet tiles, partitioning and numerous kitchen and bathroom facilities,” he said.
“All four offices currently hold existing tenancy agreements and return an approximate net holding income of $137,249.56 per annum plus GST.
“Each of the leases expires on April 30, 2017 with no options, at which time the developer will commence undertakings of the proposed residential development.”
Mr Anderson said the highly sought location of the three sites made them all exclusive development opportunities.
“There is no doubt that Teneriffe is a preferred location for boutique developers, with its unique buzz and lifestyle options no better illustrated than by the existing Gasworks development,” he said.
“All three properties are zoned QPPP-MU1 Mixed Use (Inner City) and feed directly to both Skyring Terrace and Commercial Road, which in turn connect to Ann Street and provide direct access to the Brisbane City and Valley precincts.
“Public transportation to the area is strong with the City Glider service to Commercial Road, nearby rail station at Fortitude Valley and the Teneriffe City Cat located only a few hundred metres away.”
Teneriffe is located approximately 2.5km north-east of the Brisbane CBD.