Brisbane, 25 March 2015 – A private investor has acquired a South Brisbane site with development potential for $4,250,000.
The 911sqm property at 39 Manning Street benefits from a prime location in Brisbane’s most in demand inner-city area. The region is characterised by its close proximity to the CBD and diverse and eclectic mix of retail, entertainment, arts and cultural offerings which are unmatched across Brisbane.
The property features a 30 room boarding house with high occupancy rate, providing the purchaser a strong holding income of $185,000 gross per annum in the medium term.
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 will 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 Short said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
