Major Development Opportunity Hits the Block in Inner Brisbane

An outstanding opportunity for investors and developers to secure a freehold 3-storey unit block in the heart of Brisbane's Spring Hill has come to market.

The 12-apartment block, located at 25 Fortescue Street, Spring Hill occupies 809sq m of MU1 mixed-use regular shaped land.

The property provides long-term development potential with the benefit of prospective rental income.

The offering is improved by a brick and tile multi-unit apartment block. The 3-storey building provides accommodation for 12 two-bedroom residential units with parking available on site for each unit.

The property has a height limit of up to 7-storeys (subject to council approval).

According to WG Architects, the property could have a potential total gross floor area of 2,480 square metres.

If aggregated with a neighbouring property to form a land area of over 1,500sq m, the land parcel becomes code assessable to 15-levels.

Spring Hill is located on Brisbane’s northern fringe with excellent amenity and access to the CBD, Fortitude Valley, Inner City Bypass and the Story Bridge.

Located 2km north of the CBD, Spring Hill continues to attract buyers with its unique appeal.

Acting as a direct supporting precinct to the Brisbane CBD, Spring Hill is well-serviced by road networks, all forms of public transport, as well as numerous cafes, restaurants and shops.

Benefitting from the enormous interest in near and inner-city living, Spring Hill sits north of the CBD bounded by a railway line next to Gregory Terrace, Wickham Terrace, parts of Ann Street and St Pauls Terrace, and Warry and Kennigo Streets.

The site is directly north of the CBD and only minutes away from services and facilities, as well as the nightspots of Fortitude Valley.

Spring Hill is one of Brisbane’s few areas that successfully combine residential living with commercial and professional activities.

Spring Hill is continuing with the makeover that started more than 10 years ago. Many older homes have been immaculately restored or new, architecturally-designed homes have been built in their place.

The area attracts renters who want proximity to the city and this assures the area of continuing investment potential.

The suburb is particularly popular with Brisbane’s professionals and attracts strong interest from those who want the benefits of near-city living.

The following major development projects are all within close proximity to 25 Fortescue Street and are anticipated to benefit the property and immediate area.

• Valley Metro, a $500 million commercial development to be built above the Brunswick Street/Fortitude Valley train station.

• The 22ha Brisbane RNA Showgrounds is currently undergoing a major $2.9 billion rejuvenation program transforming it into a thriving inner city hub, delivered in partnership between LendLease and the RNA.

• Herston Quarter, Australian unity is beginning the delivery of Herston Quarter this year. The centrepiece of the $1.1 billion masterplan will be the Specialist Rehabilitation and Ambulatory Care Centre (“SRACC”).

• Howard Smith Wharves, A $110 million development, approved by Brisbane City Council in 2015 and currently under construction, will reactivate 3.4 hectares of riverside land underneath the Story Bridge, including restaurants, an overwater bar, 1,500sq m exhibition space, a 164-room five-star hotel and multiple event spaces.

• Brisbane Live, a recently priority-listed infrastructure project, the $2 billion Brisbane Live is a proposed 17,000-seat entertainment precinct over Roma Street train station that is anticipated to emulate the award-winning LA Live complex in the United States.

Closing date for offers is 4pm Wednesday 21 November.

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