MIXED USE DEVELOPMENT SITE
For Sale by Expression of Interest - Closing Wed 21 Nov 5:00pm
Tewksbury Commercial and Dixon Family Estate Agents are proud to offer for sale one of the best development sites in Brisbane’s Western suburbs.
The site is located in the affluent suburb of Indooroopilly, directly adjacent to Indooroopilly Train Station on the corner of Lambert Road and Railway Avenue with additional access off Clarence Road.
It comprises approximately 2,183 square metres of land spread across three separate lots.
The property is zoned Mixed Use and is identified within Precinct “C” of the Indooroopilly Neighbourhood Plan. The current zoning allows for
building heights of up to 8 storeys and a Gross Floor Area (GFA) of up to 250% of the site area.
Given the strategic location of the site adjacent to Indooroopilly Station and the upcoming completion of an 11-storey multi unit development on the opposite side of Lambert Road, there may be potential to exceed the height and GFA limits via an impact assessable application.
The site is currently improved with three separate buildings. 4-8 Lambert Road is a three-level building comprising of 5 ground floor retail shops and 6 residential apartments on the upper two floors. 10 Lambert Road is a freestanding, single storey retail building currently used as a commercial kitchen by a catering company. 7 Railway Avenue is a two-storey house that has been converted into 3 residential flats.
All tenancies are currently occupied on short-term agreements apart from a single vacant residential apartment. The three buildings generate a fully leased gross income of approximately $267,616 per annum
Remember to mention you found this property on DevelopmentReady.com.au