DA Approved 49 apartments -12 klms CBD North Brisbane

46 & 54 Gallagher Terrace, Kedron, QLD, 4031

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$2,690,000

Development Description

PRICE REDUCTION BY OVER $500,000!
Vendors are prepared to accept a delayed settlement on a normal contract.
Contract now on 10% deposit and settle in six months time.
Vendors realize the market is quiet - great time to secure the future at today's price and benefit with tomorrow's gain.
Brisbane City Council Development Approval for 48 two bedroom apartments and one only one bedroom apartment.
Situated in an elevated position on the Northside of Brisbane approx 11 kilometres from the CBD.
The amalgamated site consists of two houses currently returning $1,000 per week in rent.
Kedron is the adjoining suburb next to Chermside. Gallagher Terrace Kedron has experienced extensive high rise development in the recent past.
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.
Property detail are :
Gross Floor Area approved : 4126 m2 (Plot ratio 2.5)
Site Cover : 1100m2 (68% of 1620m2)
No of stories : 6
Private Open Space : 815 m2 (50%)
Communal open space : 243m2 (required 50m2)
Carparks : 68

A Child Care has been planned and Council approved for the corner of Gallagher Terrace Kedron.
Details here : https://1drv.ms/b/s!At98LCirta09nHkqUodD2clvIkB3

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.
Gallagher Terrace 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 with existing home owners as tenants with a three month vacancy notice.
The Council Decision Notice and relevant drawings and documents in regard to Infrastructure Charges and Stormwater management are attached.

Gallagher Terrace adjoins the Chermside area and the suburb profile is appropriate for this site.
CHERMSIDE SUBURB PROFILE
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.
*Source: Chermside Neighbourhood Plan and REIQ 

Development Data

  • Development 48 x 2 bedroom apartments + 1 x1 bedroom apartment
  • Zoning Res Multiple Dwelling
  • Site Area 1620 m2
  • Developable Area 4126m2
  • Site Coverage FSR 68%
  • Height HOB 6 stories 54.9 ahd
  • Co-efficiency -
  • Net Sellable Area -
  • Frontage 40m
  • Council Brisbane City Council
  • Control Used -
  • Land Content -
  • Builder Wholesale -
  • Developer -
  • Builder Retail -
  • Developer Land only -
  • Builder Aggregator -
  • Conjunction Partner -
  • Acquisition Type -
  • Date Listed 26/02/2018
  • Property ID 961

Recent Sales: City & North

Address Property Type Land Area Total Floor Area Sold Date Sale Price
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
Lot 266 Celebration Crescent, Griffin, QLD, 4503  House  344 sqms  179 sqms  Not Provided  $450,000 - $500,000

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