Add CategoryA rare offer of an entire block of dated units in blue chip Ascot is set to make a small fortune for its owner who paid just $557,000 for the property metres from Brisbane’s two major racecourses.
The complex at 1-5/309 Lancaster Road contains 11 bedrooms all up, six bathrooms, six lockup garages and visitor parking for two – and sits on a massive 801sq m block in Ascot.
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The block of strata-titled units is located at 1-5/309 Lancaster Road, Ascot.
It is on an 801sq m block metres from Brisbane two premier racecourses.
Projected gross yearly rental income was $146,000 to $159,035 – based on the apartments being renovated to 2024 standard. If rental yield was calculated at 5 per cent, the property could be expected to sell between $2.9m to $3.18m.
The property’s uniqueness, location and Brisbane’s tight listings situation are the big drawcards – as well as the fact that it is much cheaper than anything similar that investors could sink their money into in Sydney and other capitals.
Ray White Ascot agent Oliver Jonker – who is running an expressions of interest campaign for the complex which closes at 12pm on May 3 – said he’d been fielding strong interest, with interested parties even driving in from New South Wales to view the building.
It has 11 bedrooms, six bathrooms, and eight parking spots – six of which are lockup.
The property could do with updating to bring it into 2024 with the accompanying increase in rent as a result.
“A strata titled unit block like this is very, very in demand,” he said. “You’re looking at investment from interstate buyers, local mums and dads wanting to purchase in their super fund. There’s nothing in this pricepoint can earn nearly $150,000 a year (after renovation).
“The people that held this purchased from the builder 30 years ago. There’s big activity at the moment for unit blocks – one in East Brisbane had almost 20 bidders.”
“I have someone driving from interstate to come to the open home. These assets are so attractive for interstate and southern buyers. A block of units in Sydney is three times the price and nowhere near the rental yield.”
There is a bowls club across the road which borders the train track that runs along Eagle Farm racecourse.
The property has not been updated as yet offering a good fixer upper opportunity.
Mr Jonker said it was the third unit block he’s recently sold, with the first two going to a Sydney buyer and an expatriate.
“I might likely be selling to someone like that given the interest.”
Made of brick, the block has four two-bedroom apartments and one three-storey three-bedroom apartment.
Mr Jonker described the property as “offering the potential to modernise and further increase investment return”.
“This could be the jewel in your property portfolio,” he said. “As you can see this block of apartments, in this prime blue chip location, presents a wonderful investment opportunity.”
There are four two bedroom flats and one triple-storey three-bedroom apartment.
There is a bus stop outside one end of the property and it is walking distance to two train stations – Ascot and Doomben.
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“This fantastic property has been owned within the same family since 1994 and is now a surplus to their requirements and will be sold.”
The block has quick and easy access to the city and the airport, is in good condition with limited upkeep, with minimal spend to improve rental yield, Mr Jonker said in the listing.
He said it was ideal for land banking or a super fund acquisition.