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Overview
ENTIRE BRICK RESIDENTIAL COMPLEX | NEW FARM
120 Terrace Street, New Farm is a remarkable opportunity that has not been on the market for 39 years. This unique residential asset is poised to be a standout addition to any portfolio, whether residential or commercial.
The property features an exceptionally well-maintained facility with a strong history of long-term occupancy. It comprises 36 studio units, each equipped with private kitchens and balconies, making it an attractive option for tenants.
Located just a two-minute walk from the vibrant James Street precinct, this property boasts unmatched amenities. The land spans 1,131 square meters, providing ample space for various redevelopment options.
With a potential market income of $617,348 per annum, there is significant rental upside available by modifying the current design. The property is conveniently situated only 1.5 kilometers from the Brisbane CBD, making it an ideal location for future redevelopment.
There are no heritage restrictions or restrictive overlays, allowing for flexibility in development plans. Additionally, there is a significant credit for infrastructure charges for any redevelopment projects.
The property is currently zoned for low-medium density residential use, allowing for a mix of two or three-story buildings, with the potential to increase density subject to council approval.
Nearby amenities include the James Street precinct, which features a variety of restaurants, bars, cafes, a cinema, and retail shops. New Farm Park and the Powerhouse Arts Centre are also within walking distance, as well as Merthyr Village, which includes a Coles supermarket.
The Brisbane River Walkway and numerous parks, cafes, gyms, and everyday amenities surround the property, ensuring a vibrant lifestyle for residents. Public transport options, including bus and ferry services, are readily available.
A detailed information package is available upon request.
This property is being sold via public auction on March 27th at 12:30 PM, with the venue being Ray White New Farm, located at 612 Brunswick St, New Farm.
Change History
| Headline | When |
|---|---|
| Offers Over $8,000,000 | |
| For Sale | |
| Auction |
Location
New Farm QLD 4005
Market Insights for New Farm QLD 4005
Other properties in this postcode
Top Offers Closing Tuesday 12 May at 5pm
13 Refinery Parade, New Farm QLD 4005
* Search brackets are a technical classification derived from unverified metadata set by the listing agent for search filtering. It is not an official price guide, a valuation, or a representation of the seller's reserve. This data is provided for search transparency purposes only.
