A local Clayfield resident has just doubled his money after selling four adjoining parcels of land spread over 1,620sq m through Robert Dunne and Will Carman of Savills Australia.
According to Robert Dunne, Director, Commercial Sales at Savills Australia, in 1999, the owner noticed a block of flats on a double block at 63 Riverton St Clayfield which he thought would be a suitable site for a group of townhouses, so, he bought the flats for $320,000.
“Fourteen years later the opportunity came up to buy the vacant adjoining double block at 61 Riverton St for $799,000 and he bought that too. Plans were then submitted and approved by the Council for townhouses and apartments.
“After a wrestle with the major banks for construction funding, he chose not to build the townhouse project and has just doubled his money by selling to investors who are looking at creating eight town houses,” he said.
The elevated LMR2 properties at 61 & 63 Riverton Street are just 5.7km north of the Brisbane CBD and offers 40 metres of frontage along Riverton Street and 18 metres of street frontage at the rear, in a popular established neighbourhood, well serviced by some of the best shopping and schools in Brisbane and is highly sought after due the community and family feel that it produces.
According to Will Carman, Senior Executive, Commercial Sales at Savills Australia, “These rarely found parcels are extremely sought after and in turn, we received seven very competitive offers and now have an extensive client list of investors looking for the next available parcel of land.”
Mr Carman went on to say that with the median house price for Clayfield being $1,250,000, this transaction illustrated to the market what an end product could yield, whether it be houses, townhouses or units.
Learn more about Savills Metropolitan & Regional Sales.