A local Sydney private syndicate has snapped up a recently refurbished specialised student accommodation facility comprising 18 bedrooms and 7 bathrooms some 500 metres west of Fortitude Valley train station for $2.32 million.
73 Kennigo Street, Spring Hill has been completely rebuilt based on the original structure, which is a registered two storey boarding house and is located on the northern side of Kennigo Street within Spring Hill, just 1km from the Brisbane Central Train Station.
Robert Dunne and Will Carman of Savills Australia acted on behalf of the vendors, local investors from Brisbane and Sydney and Scott O’Neil from Rethink Investing acted for the buyer.
The property has a full gross income of $242,944pa and Room Rates for the 16 Standard Rooms are $250 per week all-inclusive and the two Ensuite Rooms are $300 per week all-inclusive.
According to Will Carman, Executive, Commercial Sales at Savills Australia, “The property benefited from a very diverse income with low risk profile, ease of management and a great location being so close to major educational and retail amenity.”
Spring Hill adjoins Brisbane City immediately to the north, some 2.0 radial kilometres from the CBD and is administered by the Brisbane City Council. Spring Hill further adjoins Kelvin Grove to the north, Fortitude Valley to the east and Petrie Terrace to the west.
Spring Hill is an established residential suburb with a population of approximately 6,063 residents, which predominantly comprises Independent Youth. The median house price within Spring Hill is $950,000 with a median rent of $500 per week and demand well above the Queensland average.
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