Approved Chermside development site hits the market

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.

“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.

“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).


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