140 Hamilton Road, MOOROOKA QLD 4105
$1,600,000 (inc. GST)
- PROPERTY DETAILS
- BUILDING DETAILS
Now you can view details about this building.
Click this tab to view!
- Development / Land
- Floor area:
- On site parking available
- Return (PA):
- Land area:
- Energy Efficiency Rating:
- NABERS energy rating
- Property ID:
- Virtual Tour:
- View Tour
- 8 Sep 2016
Develop to it’s Full Value – 4 to 7 Units
Take 140 Hamilton Road, Moorooka from 4 units to 7 x quality, high return units using the approved DA.
140 Hamilton Road is ripe for the picking. The block is 7.5km from Brisbane’s CBD, close to transport, schools, and Moorooka’s shopping precinct. The suburb one of Brisbane’s consistent performers over the last ten years; it’s character shifting to one where there are new developments and stylish cafes popping up.
As is, this is a strata titled 4 x 2 bedroom + 1 bathroom + car space brick cavity unit block. The 2 lower units have polished floors and attract $ 290 and $ 300 per week. The two upstairs units are carpeted and in the same configuration, attracting $ 290 per week. As the block has been prepared for development, the units are currently rented on a month to month basis.
The real value in this investment is the existing development and building approval for a further three units to be constructed at the back of the unit block (adjoining wall) on what is essentially clear vacant space. The Development Approval and Building Approval include two x 3 bedroom + 2 bathroom units plus 1 x 2 bedroom + 2 bathroom units. There are 8 under cover spaces in the DA, with room for 4 more onsite.
With the addition of the three units at the back of the existing unit block as a separate new building, to complete the redevelopment, it’s also proposed that the exterior of the original unit block will be rendered and painted, and garden courtyards added to the two lower units. Balconies have already been added to the upper units in anticipation of this. Plans can be emailed.
To complete the entire re-development, you would finalise the development with a spruce up of the original four units, two of which have recently been partially renovated.
The DA and BA have outlined an open, contemporary look in line with other brand new unit developments in the area. With the addition of the three new units, there will be significant depreciation allowances.
Searchable evidence of the DA can be found on the Brisbane City Council website:- https://pdonline.brisbane.qld.gov.au/masterviewUI/modules/ApplicationMaster/default.aspx?page=wrapper&key=A004047442
As a strata titled property, your options are to ‘sit and forget’, sell off individual units or develop the site now or wait for the ‘right time’ within the 10 year approval timeframe. From there you can keep or sell off some or all of the units.
Please contact Margo McLay to arrange an inspection, and discuss your interest.
1 Bligh street, SydneyGrade A
Building AmenitiesAvg. rent (net):$800 - $1000Avg. outgoings:$162Vacancy rate:13.5%Data from Colliers Edge.For information click hereMajor TenantsNabers energyAdditional information
140 Hamilton Road MOOROOKA