An exciting and rare opportunity for the savvy investor, owner-occupier and/or developer in Spring Hill, just one kilometre from the heart of Brisbane city, is up for grabs.

A deceased Estate spanning a 4,086sq m block and comprising a suite of five offerings fronting four streets in Spring Hill, including Philips Street to the north-west, Gloucester Street to the north-east, McConnell Street to the south and Hartley Street to the west, is being offered to the market.

The David Green Estate comprises the 17-room Dahrl Court Motel positioned upon

1,910sq m and fronting Phillips Street, three residential offerings including a charming 266sq m, four-bedroom pre-war cottage and two, three-bedroom townhouses on 504sq m on Gloucester Street. Two lots of vacant land spanning 848sq m on McConnell Street and 1,054sq m on Hartley Street are also available.

The properties will be individually offered at a public auction to be held at the Colliers International Brisbane CBD office at 10.30am, on Thursday, 24^th June, by Nigel Summerville, Director of Residential Sales, who is handling the sale on behalf of the Executors of the deceased Estate.

Mr Summerville said the Estate offerings are not be missed by investors, those seeking to secure a quality live-in residence within walking distance to the CBD, or developers wishing to snap up one of the last remaining development opportunities in Spring Hill - one Brisbane's most highly sought after inner-city suburbs.

"The Estate is prominently positioned on an incline, providing exceptional uninterrupted city views and close proximity to key dining options, cafés and retail offerings within the city fringe and centre," Mr Summerville said.

The Spring Hill Marketplace Shopping Centre, anchored by a Woolworths Supermarket, is located 200 metres from the Estate and the Queen Street Mall Retail Precinct is just a kilometre away.

Central train station and Brunswick Street train station are each about half a kilometre from the site, and major bus routes to and from the CBD are close by.

Lachlan Walker, Colliers International Research Analyst, said good quality residential offerings in Spring Hill are tightly held and rarely offered to the open market.

"The median price for houses in the area at December 2009 was $787,500, and long term growth is strong, with the compounding growth median rate over a ten year period being 12.8 per cent," he said.

"Vacant land sites are also an extremely rare commodity in the area, with only five land sales recorded over the last five years."

Mr Walker said location has a tremendous impact on the end-value achievable for property assets and as urban sprawl continues and the population continues to grow, inner city suburbs will benefit through greater capital growth and yields.

"Transport and infrastructure are two critical elements for residents and commuters within the Brisbane market moving forward and as a result, those who are well positioned to capitalise on these developments will enjoy greater returns in the long run," he said.

Spring Hill as a whole is diverse in nature, offering a combination of residential, retail, hotel / motel accommodation, entertainment and commercial uses which all add to the precinct's appeal and end value. 

  SALE DETAILS

The David Green Estate is open for inspection every Saturday from 1pm to 2pm or by appointment.

The Estate will be auctioned at 10.30am on Thursday, 24th June 2010 at Colliers International, Level 20, 345 Queen Street, Brisbane QLD 4000 .

For further information or to arrange an appointment to inspect the properties, contact Nigel Summerville, Director of Residential Sales, on +61 7 3026 3320 or 0414 011 732 .

 

-ENDS-

For further information please contact:

Susan Epp
Communications Manager l Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026  
Email: susan.epp@colliers.com 

Nigel Summerville
Director l Residential Sales
Tel: +61 7 3026 3320
Mob: +61 414 011 732  
Email: nigel.summerville@colliers.com 

Lachlan Walker
Brisbane Research Analyst 
Tel: +61 7 3026 3311
Mob: +61 438 710 888  
Email: lachlan.walker@colliers.com