Large development site for under market value.
Type of Property: House
Reason of Purchase: Investment
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These clients engaged our services to assist them with finding and purchasing their next development site. Having previously purchased development properties these client understood the time and effort involved in ensuring you purchase the right development site. Given the difficulty of the current market to find a good development site they decided to engage the team at Hot Property.
Throughout the search we looked at various price ranges and locations and ultimately it came down to finding a property in Acacia Ridge that we could secure for well under market value. This 880m LMR property is 12km from the Brisbane CBD and was purchased for $50,000 under market value. The property will undergo a small cosmetic renovation and will be rented out for around a year or two while the owners get their development approval.
Fast Facts:
Purchase Price: $420,000
Block Size: 880m2
Zoning: LMR suitable for Units and Town Houses
Bed/Bath/Car: 3 / 1 / 2
Proximity to CBD: ~12km
Notes: no protection over the dwelling and a gentle slope towards the street means this is a great development site
