Federation Residence On 1500m2 LMR Land, Significant Potential

In one of Annerley 's most elevated positions this early 1900's Federation double brick residence has panoramic mountain views and is brimming with character features. On a 1500m2 block of LMR zoned land with a high council land value of $1,450,000, initial investigations indicate it may be possible to build 3 x 4 bed town homes or 6 x 2 bed units at the rear of the existing residence ( Subject To Council Approval, STCA ) . Alternatively, a second house could be constructed (STCA).
Currently split into 3 flats the Federation residence would provide a solid holding income while the astute purchaser contemplates the best return from their initial investment.
Easily converted back to its initial configuration the residence could become one this suburb's grandest and most iconic homes with any further extensions or renovations to the timeless existing structure only adding considerable value.
In an ultra-convenient location this project is less than 5km from the CBD with direct and easy routes to it. Within proximity of three shopping centres, The Green Bridge to the University of QLD, Fairfield and Dutton Park train stations, bus transport, the PA, Greenslopes Private and Mater Hospitals.

BUILDING DETAILS
- Federation style residence, built early 1900's
- Double brick, terracotta tile roof
- 3.35m (11ft) ceilings
- Timber floorboards waiting to be revealed and polished
- Character features include - decorative fireplace, coffered ceilings, picture rails, casement windows, fretwork arches, French doors, roof finials

RESIDENCE DIVIDED INTO FLATS
- Unit 1 - 2 bed plus study, 1 bath
- Unit 2 - 2 bed plus study, 1 bath
- Unit 3 - 1 bed, 1 bath
- Units 1 and 2 feature spacious light filled layouts, well proportioned, gas kitchens, generous studies, sizeable living and bedrooms, bathrooms with separate toilets
- Unit 3 features a gas kitchen, bathroom with separate toilet
- Each flat has undercover off-street parking, covered parking for 4 vehicles
Schedule Of Tenancies
- Unit 1 - renting for $385 per week, ending 27/10/22
- Unit 2 - renting for $420 per week, ending 20/10/22
- Unit 3 - renting for $165 per week, ending 31/10/22
- Gross rental income $50,925 per annum
Outgoings
- Rates $ 2,087 per quarter
- Water and Sewerage $ 906 per quarter
- Communal Electricity $46 per quarter
- Insurance $3,084 per annum

LAND DETAILS
- 1500m2 of LMR zoned land
- 3 lots, 27.7m frontage, character overlay
- Approx 6m wide side access to possible rear development
- High Council land value of $1,450,000