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A CHERMSIDE site that has development approval for a retirement facility comprising 38 dwellings has hit the market at 14-16 Buna Street and 49-53 Kuran Street.
The asset provides a 2,920sq m* land area that comes with five adjoining houses – each occupying 584sq m* and providing holding income – and is being offered via expressions of interest.
The development site is being marketed and sold by Ray White Special Projects Queensland Directors Mark Creevey and Tony Williams.
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“The site has been heavily de-risked by achieving a development approval allowing short-term product delivery without the prospect of protracted approval process and delays,” Mr Creevey said.
“A rental income of circa $66,000 for 2019/2020 was generated from the existing houses and provides a benefit to an incoming group with site cash flow, allowing a less urgent or hold approach to the development, and broadens the buyer base.”
“Directly opposite is the Burnie Brae facility and an opportunity for an incoming buyer to leverage a retirement/aged care facility of the range of services available in the Burnie Brae Centre,” Mr Williams said.
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“Only 9km* north of the Brisbane CBD, the ‘infill’ site is in close proximity to a vast array of local amenities and services, including Westfield Chermside, Brisbane City Council Library, and has Kedron Wavell RSL within walking distance.
“This is an outstanding opportunity to purchase a site with sought-after DA approval. ”
The expressions of interest close on Wednesday 23 September at 4pm (AEST).
*Approximately.