Amidst one of the strongest rental markets seen in Brisbane, a 27-unit apartment complex has hit the market, offering the perfect opportunity for investors.
Located at 31 School Street, Kelvin Grove, the property is being brought to market by Ray White Special Projects agents Mark Creevey, Tony Williams and James Hanley, in conjunction with Elevate Residential agent Chris Meadmore on behalf of Brisbane Housing Company (BHC).
The building comprises four one-bedroom apartments, 11 two-bedroom apartments, and 12 three-bedroom units, over four levels.
“The asset provides a fully-leased, solid-block construction, residential investment opportunity, situated in the vibrant Kelvin Grove Village Precinct,” Mr Creevey said.
“The Brisbane metropolitan region is experiencing one of the tightest residential rental markets in its history, with vacancy rates reflecting 0.6 per cent in June 2022.
“With renter demand at historic peaks, the asset provides an opportunity to benefit from the potential rental upside at lease renewal.
“With the cost of construction also at record high levels, the asset provides a semi-modern, walk-up apartment complex, with proven cash flow, 100 per cent occupancy and a potential future sell-down opportunity through strata titling of the complex.”
Mr Meadmore said the building was developed by BHC in 2007 for use as social and affordable housing.
“Five years ago BHC returned it to the private rental market because it did not fulfill their requirement for all-abilities access,” Mr Meadmore said.
“The sale of the property will enable BHC to reinvest in the delivery of new, purpose-built social and affordable housing projects across Brisbane.
“The property will be best suited to investors who are looking to continue its use as long-term residential rental accommodation.”
The property is being offered for sale by expressions of interest closing Wednesday, September 8, at 4pm.