Block Size:
The property at 36 Cornelius Street, Clontarf, sits on a substantial 1466m² block, spread across two separate lots, and boasts an impressive 36.5m wide frontage. This expansive land area offers ample space for potential development or long-term capital growth, providing significant flexibility for future planning. The size of the block and its wide frontage are standout features, especially considering its prime location just 450m from the Clontarf waterfront, which enhances both its appeal and its potential.
Rental Return:
Currently, the property boasts a strong rental income stream, with 8 individual units on site, each returning $350 per week. This equates to a total annual rental return of $145,600, making it an attractive option for investors looking for a reliable income-producing asset. Furthermore, there is definitely the option to increase the rent, as market conditions in the area continue to improve, offering further potential for higher returns and greater profitability in the future.
Future Growth:
The future growth potential of this property is exceptional. With the option to individually title all units, the possibilities for increasing value are vast. The Clontarf area is a highly sought-after location, and as such, the property offers significant future development upside, whether through enhancing the existing units or exploring other possibilities for redevelopment. This opportunity represents an ideal prospect for investors seeking to capitalize on both immediate rental income and long-term capital appreciation.
The Units:
• Unit 8: Recently renovated (as shown in the images)
• Unit 6: New carpet in the bedrooms
• Unit 2: New flooring and paint throughout
• Unit 7: Recently renovated kitchen
• Units 5, 4, 3, and 1: Original condition
Surroundings:
• 450m to the Clontarf Water front
• 35 Minutes to Brisbane City
• 19 Minutes to Brisbane Airport
• 2.6km to the newly renovated Belvedere
• 1.2km to the Redcliffe Golf course
