A unique real estate opportunity which would net someone $170,000 a year without lifting a finger has been presented to potential property investors in Queensland.
A rare-multi property sale has been listed on realestate.com.au, offering almost an entire city block of tenanted properties in one-package sale in Brisbane.
There are seven properties in total, including units, townhouses and weatherboard homes near the city centre.
The package also allows for the potential of future property development on the site, at Clayfield, 8km north of central Brisbane.
‘The site could be transformed into one modern unit complex, or perhaps 2-3 complexes constructed over an extended time to minimise exposure to the market for an extended period,’ the listing read.
The entire site contains space for 145 car spaces and could also handle 90 to 100 units being developed.
‘Given the site fronts an entire block on Sandgate Rd, entry and exit points can be off the side street points,’ the listing read.
Up to 30 townhouses, popular in Queensland, could also be developed on the site and then presented to the market.
‘Depending on design and configuration this could also include terraced buildings with freehold titles,’ the listing read.
‘Houses on some of the properties would allow for additional titled townhouses be added to the individual properties with the retention of the current dwellings.’
The current owner has already secured demolition or relocation approvals should a potential buyer want to develop on the site.
Without development the buyer would be collecting $170,000 a year in rent from the seven properties which all currently have paying tenants.
Realestate.com.au chief economist Nerida Conisbee told news.com.au the Brisbane property market, which largely escaped the recent property downturn, was now experiencing a surge.
‘It (Brisbane) did weather the downturn far better than Melbourne and Sydney, which was surprising in some ways given how much development took place in Brisbane,’ she said.
‘At one stage, the very high levels of development were starting to cause a lot of concern around vacant apartments and people taking on loans that were too big.
‘It looks like those risks flowed through pretty quickly, and the market has come out of the end quite resilient.’
As of May 2019 the average property value in Brisbane was $484,882, a downturn of 0.5 per cent.
However apartment values saw an increase in value by 0.1 per cent.
Brisbane apartment values remain at 12.5% with the unit oversupply being dulled by a rising population not being matched by new residential developments.