5 York Street, Nundah

The site is a 607m2* regular shaped inside allotment zoned “Medium Density Residential”, situated at road height, with a northerly aspect.

The property was purchased with approval, for a boutique 16 unit medium density apartment complex. The units are to be spread over 5 storeys, and comprise 3 x 1 bedroom, 9 x 2 bedroom & 4 x 3 bedroom units.

Nundah is located 8 kilometres north of the Brisbane CBD, and is well serviced by a wide range of public and private infrastructure.

The site occupies a favourable north facing position, with views over the 4.6ha Oxenham Park, and is located within easy walking distance of Nundah’s high street and train station.

The property was offered to market via a six (6) week marketing campaign which closed on Thursday 28 April 2016.

Key issues which arose during the campaign were:

• The weakening of the Brisbane residential unit market;

• Concerns regarding the level of supply in and surrounding Nundah;

• The reduced accessibility to development finance &

• Prohibitive cost of existing DA, – with basement level parking.

At the completion of the campaign 28 enquiries were received and a total of 3 offers to purchase were put forward.

The successful party was a private local builder/developer who presented an offer to purchase in June 2016 of $1,025,000 Exc GST.