Rare Gympie development site opportunity hits the market

BUYERS have an exceptional chance to purchase a rare development site opportunity in the heart of Brisbane’s north as 531-537 Gympie Road, 21 Kate Street and 20-26 Boothby Street, Kedron hit the market by way of expressions of interest.

The asset, which comes with a substantial 16,724sq m* site area, also offers a 59m* frontage to Gympie Road and a 42m* entry to Boothby Street.

The property is being marketed and sold by Ray White Commercial QLD Managing Director and Partner Michael McCullagh and Manager – Brokerage Services Andrew Doyle.

“This really is a fantastic asset that provides an irreplaceable blank canvas development opportunity with a holding income of $413,630* per annum,” Mr McCullagh said.

“Commanding a huge site area in this established and growing suburb, this site lends itself to the design and delivery of a range of development options.

“Long-standing tenants provide significant holding income, some of which have a strong trading history for decades.

“The property is also in close proximity to existing large format retailers such as JB Hi-Fi, Pet Barn, Chemist Warehouse, Coles, Aldi, and several car dealerships.”

“Gympie Road is a major arterial route which connects the Brisbane CBD to the city’s northern suburbs and services over 23 million cars per annum,” Mr Doyle said.

“As of 2019, the immediate 3km* catchment area surrounding the subject properties recorded an estimated resident population of 77,334 people, with an average annual growth rate of 1.92 per cent from 2016-2019, exceeding the state and national average.

“The broader catchment area is relatively affluent overall, with average annual income per household exceeding $114,000, or around $15,000 higher than the Queensland average.”

Expressions of interest close on Thursday 24 September 2020 at 4pm (AEST).