House for Sale
Receiving over $128,000 in Rent over the Last 12 Months
Property ID 1761267Conveniently located in a quiet street and offering huge potential is where you will find one of Spring Hill's most exclusive listings. Currently utilized as student accommodation, this property has just become available as a rare investment and potential business venture. The multi-dwelling building is spread out over 3 levels boasting 17 bedrooms, 4 bathrooms and a generous and very practical cooks' kitchen, which more than caters for the high demand. 11 Thornbury Street features a beautiful old-world cottage faade with a charming white picket fence, opening up to a centre hallway revealing the unexpectedly large residence beyond.
DA and engineered plans smartly designed by the current owners in conjunction with Alderley Design have already been approved for potential renovations to add an ensuite and wet bar to every room, as well as increasing each bedroom to be equal size, resulting in larger self-contained bedrooms. This is a great step up resulting in a massive 70%+ increase in return. Ready to begin building immediately, this is both an investor and renovator's dream, with an occupancy rate of above 90% and receiving over $128,000 in income over the last 12 months. The property has been professionally managed for several years by The Pad property group who have access to tens of thousands of students at any given time.
Situated only a short walking distance from Brisbane CBD, St Andrews Hospital, the Spring Hill Baths, Roma St Parklands, the Boundary St food precinct and Spring Hill market place, this is sure to be a worthy & popular asset. With strikingly close city views from the back of the property and such a huge land size, this one has ample scope for the future and has to be seen to be believed.
- Returning over 8% (approx) gross in the last 12 months
- 17 bedrooms, 4 bathrooms, 2 kitchens, 2 car spaces
- Multiple shared living areas
- Well maintained by current owners
- Large kitchen and bathroom amenities
- TV mounts and air - conditioning in every room
- Cash operated Laundry with good returns
- Selling with DA Approved plans for an impressive potential renovation returning 200K+ per annum
- Fantastic location, close to public transport for all universities, bars & restaurants
- Occupancy rate averages above 90% and is currently sitting above 95%
This property is being sold by auction or without a price and therefore a price guide can not be provided. The website may have filtered the property into a price bracket for website functionality purposes.