A family owned land parcel in the heart of Brisbane’s thriving metropolis has hit the market for the first time in close to one hundred years with leading specialists Position Property appointed to handle the campaign.
Originally purchased by a local family as a substantial quarter-acre block in the early 20th Century, 43 Regent Street has retained its rare historical routes and land significance by remaining in the same family even into its third generation of ownership.
Positioned in the highly acclaimed inner Brisbane City suburb of Woolloongabba, this unique land parcel takes full advantage of it’s prime location boasting over 1000sqm of developable land combined with a generous twelve story height zoning.
Real estate agent, Adam Carter, who is representing the vendors, said the nature of the site and its size opens up a number of potential uses.
“The site has fantastic upside in the sense that there are multiple development options currently available, these being either residential or short term accommodation”.
“A number of individual sites in Regent Street have already been amalgamated, transacted, received approval or are under construction to be turned into student accommodation”.
As a result of a bourgeoning rediscovery of Queensland’s capital in the past five years, Australia’s third biggest City has experienced rapid population growth with both local and international investors and relocators increasingly recognising its significance as a major commercial and lifestyle destination.
Woolloongabba in particular presents as a high demand market, with statistics from a major portal highlighting over double the number of property visits per property as compared with the average throughout Queensland.
Furthermore, a young, urbane demographic dominates the suburbs residents with over 30% of the population considered ‘independent youth’ and a further 20% classified as ‘established independence’, aiding future developer’s prospects of capitalising on either an investor or student audience.
“Over the past 18 months, particularly within Woolloongabba, we have seen a significant reduction in the supply of traditional (single) large-scale ‘house and land’ development sites” Adam said.
“The demand for these types of sites has been primarily driven by the buoyancy of Woolloongabba’s “off the plan” apartment market, rated as one of Brisbane’s most affordable inner-city apartment markets by Resolution”.
A host of acclaimed sporting, educational and hospitality amenities including The University of Queensland and the Brisbane Cricket Ground are all situated within or nearby to Woolloongabba itself, whilst Brisbane’s ever evolving CBD is a mere 4km’s away.
A number of Government incentives may also be available such as an ‘Infrastructure Utility Charge Concession’ and / or ‘Student Accommodation Infrastructure’ grants given the lands proximity to major educational institutions.
For further information, please contact Adam Carter or click here.