Chermside 43 Apartments DA Approved Vacant Possession.

11-15 Mermaid Street, Chermside, QLD, 4032

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SOLD $2,000,000

Development Description

Price is below the cost to the vendors.
Vacant Possession.
All ready to build.
Development Approval in place. No options. A straight transfer of title.
Approved by Brisbane City Council for 41 X 2 bedroom apartments and 2 x 1 bedroom apartments.
In the same street, the development at 18 Mermaid Street sold 1 bedroom apartments - from $371,000 and two bedroom apartments - from $467,000 in 2016.
Latest recorded sales In January 2018 in Chermside have seen sales in excess of $500,0000 for two bedroom apartments.
As a conservative guide the vendors have suggested for feasibility purposes - use average selling price today @ $435,000 for two bedroom apartments.
Calculate your return on $420,000 - $430,000 sales values in recognition of today's market.
Property detail are :
Gross Floor Area approved : 3261 m2 (Plot ratio 2.53)
Site Cover : 831m2 (64.5% of 1287m2)
No of stories : 6
Private Open Space : 679.5 (required 386m2)
Communal open space : 243m2 (required 50m2)
Carparks : 60

Chermside has been identified by Brisbane City Council as a Principal Regional Activity Centre, the highest use zoned area in the Council area and one of only four in Brisbane greater area.
Mermaid Street is situated away from the Westfield major drive in shopping centre, yet close enough for residents to walk to. Close to the first ALDI supermarket, close to neighborhood parkland and easy stroll to the city bound bus stop. Quick access to the airport link tunnel entrance is 5 minutes drive.
This site is offered as vacant possession .
The Council Decision Notice and relevant drawings are attached.

Chermside is a well-established Brisbane suburb and is known for several local landmarks including the Prince Charles and Holy Spirit Northside Private Hospitals, Westfield Chermside and the very popular Kedron-Wavell Services club. While the suburb still has many weatherboard homes constructed during the 1950s and 1960s, many higher density developments have been constructed in recent years. Unit and townhouse sales now make up over 60 per cent of residential sales in the suburb each year. Chermside residents have witnessed a renewal phase in the suburb's lifecycle assisted by the development of retail shopping facilities along Gympie Road and the relocation of the Australian Taxation Office as well as the development of the Northern Busway. Westfield Chermside, the largest suburban shopping centre in Queensland, is the major retail anchor for all the surrounding suburbs and is the location of a major Busway station. With the development of the Northern Busway, Chermside is set to become Brisbane's next satellite city. Residents are well serviced by a variety of restaurants, retail businesses and leisure facilities such as the Chermside aquatic centre and a number of schools. Investor activity is high in the area with a high proportion of rental dwellings in the suburb and healthy rental yields. 2007 and 2009 in particular saw higher than usual sales numbers in the unit market with the release of a number of new developments.

Development Data

  • Development Approved for 41 x 2 bedroom and 2 x 1 bedroom apartments
  • Zoning Res Multiple Dwelling
  • Site Area 1284 m2
  • Developable Area -
  • Site Coverage FSR 64.5%
  • Height HOB ADH 54.5 m
  • Co-efficiency -
  • Net Sellable Area 3263m2
  • Frontage 31.99
  • Council Brisbane City Council
  • Control Used -
  • Land Content -
  • Builder Wholesale -
  • Developer -
  • Builder Retail -
  • Developer Land only -
  • Builder Aggregator -
  • Conjunction Partner -
  • Acquisition Type -
  • Date Listed 23/02/2018
  • Property ID 952

House & Land Brochures Only


Recent Sales: City & North

Address Property Type Land Area Total Floor Area Sold Date Sale Price
7101/222 Margaret Street, Brisbane, QLD, 4000  Unit    120 sqms  31-03-2015  $982,940
Lot 54 Summit Street, Griffin, QLD, 4503  House  375 sqms  188.15 sqms  Not Provided  $491,000
88 Doggett Street, Newstead, QLD, 4006  Unit      Not Provided  $750,000
88 Doggett Street, Newstead, QLD, 4006  Unit      Not Provided  $508,000
10 Stratton Street, Newstead, QLD, 4006  Unit      Not Provided  $505,200
10 Stratton Street, Newstead, QLD, 4006  Unit      Not Provided  $675,200
37 Riverside Crescent, Joyner, QLD, 4500  House  438 sqms  206 sqms  Not Provided  $510,900
, Nudgee, QLD, 4014  Project      Not Provided  From $603,200
, Fitzgibbon, QLD, 4018  House  186 sqms  154.7 sqms  Not Provided  $437,000
Lot 45 Cotterel Crescent, Nudgee, QLD, 4014  House      Not Provided  $608,200

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