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Set on 1042sqm of land with 28.2m lot frontage, 40 Castlebar Street Kangaroo Point presents a prime development or investment opportunity.
Currently comprising of 6 units in a 4 level walk-up brick building, this extraordinary offering boasts zoning for 15 stories (STCA) with recent surrounding developments achieving up to 17 stories.
Featuring a north-east aspect and dual street frontage, this is one of Kangaroo Point's LAST remaining residential development sites.
Situated in an ideal position, one lot back from the riverfront and neighbouring Castlebar Cove with recent sales in the building from $1,800,000 - $4,000,000+. Rarely does an opportunity like this present itself to have an investment with future development potential in Kangaroo Point, one of the closest suburbs to the Brisbane CBD, with high demand for tenants and owner occupiers due to the location.
Current approx. rental return is:
Unit 1 - $440 per week (approx. rental)
Unit 2 - $470 per week (approx. rental)
Unit 3 - $440 per week (approx. rental)
Unit 4 - $430 per week previous rental now owner occupied
Unit 5 - $450 per week (approx. rental)
Unit 6 - $400 per week (approx. rental)
Total annual income = approx. $136,760
(current rental return approx. 20% under market value)
Key points:
- 1042sqm site located in a highly sought inner-city location
- Elevated river views and north-east aspect
- Zoning for 10 stories (subject to council approval)
- Capitalise on the proven and ongoing strength of Brisbane's high-end owner-occupier boutique apartment market
- Rates: $528 per unit p/qtr
- Body corporates: approx $3200.00 per unit p/annum
- Walking distance to Mowbray Park CityCat and Thornton Street ferry terminals providing direct and regular access to the CBD plus Clem 7 tunnel.
- Short walk to cafés, parklands, the famous Story Bridge Hotel and the exciting new Howard Smith Wharves
- Only moments to some of Brisbane's best schools, Anglican Church Grammar School (Churchie), Sommerville and All Hallows
For sale by Top Offer - closing on 11th June at 4pm.
Do not miss this unique investment or development opportunity!
Call Simon Caulfield or Courtney Maguire for more information or to arrange an inspection today.
Disclaimer
This property is being sold by auction or without a price and therefore a price guide can not be provided. The website may have filtered the property into a price bracket for website functionality purposes.
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