Located a mere 4km from Brisbane CBD, this is an opportunity to secure a cheap inner city development site. A development approval is in place for a 1 into 2 subdivision. Lot 1 is 574m2 of land with an existing traditional Queenslander that offers 3 bedrooms, 1 bathroom and 1 living area. Lot 2 is a vacant standard size block of land 450m2, with a 16 metre frontage. The size and shape of this parcel of land will accommodate a vast array of house designs.
This property has had 2 valuations done, the initial valuation was done so that the vendors could understand the value of the property and that came out at $1,100,000, the other valuation was conducted by the bank and it also came out at $1,100,000. The owners of this properties circumstances have changes dramatically, presenting incoming buyers to take advantage of all their hard work and take advantage of $270,000 worth of equity, that's a automated gain of 25.5%.