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68 Mark Street
New Farm QLD 4005


$3,050,000 Incl GST

1 of 8 photos

Rare Opportunity To Buy A High Income Generating Property

· For Sale $ 3.05M - Serious Offers only considered
· Cash-flow positive business + prime New Farm real estate with city views. Potential gross income of $5,200/week

This is an exceptional opportunity to purchase 810 m2 (double block) of prime property in New Farm, in one of the quietest streets and together with an existing fully accredited accommodation business. The accommodation business provides single room men only accommodation, with shared kitchen, bathroom and leisure areas.

For a purchaser of this property, the opportunities are many:-
(1) Continue to manage the high income generating business, as New Farm property values continue to grow strongly
(2) Consider the possibility of sub-division or potential development (subject to council approval).

Features Include:-
· Fully accredited residential service up to 27 residents (max);
· Consist of 26 rooms; with wash basins included in 24 rooms;
· 3 separate living areas;
· 5 fully equipped kitchens over two levels;
· 3 bathrooms and 2 separate toilets;
· Large storage room and separate laundry area;
· Large private balcony with city views;
· Large onsite parking that can accommodate 5 cars;
· Bus stop right outside the property;
· Total floor area of approx. 650 m2 (including balcony);
· Allotment of 810 m2 and Zoned LMR2;
· Accommodation business tracks at close to 100% occupancy, with approx. 80% of renters are long term tenants;
· Current gross income of approx. $5,200/week;
· Expenses approx. $825/week.

New Farm Capital Growth for Houses (median prices)*:-
o 2013 - 22.4%
o 2014 - 8.8%
o 2015 - 15.4%

*(Source: CoreLogic RP Data)

This property is only a short walk from Merthyr Village, New Farm Park, Powerhouse Museum, the James Street Markets, Gasworks and New Farm Shopping precinct. Here you're surrounded by fine dining restaurants, boutique shops and even closer is the Brisbane CityCat or Riverwalk as a direct routine in to the CBD.

Harcourts Solutions Inner City

Alan Woo
Margo McLay
Property Type: Hotel

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Past Sales & Property Information

Always verify block details with the agent or vendor. These maps are generated by cross referencing with our spatial information database, but this does not mean they will always correspond with the listed property. Measurements are estimates only.

Based on data provided under licence from PSMA Australia Limited (www.psma.com.au). © PSMA Australia 2016.

Block Map

Vital Statistics

Lot: 2
Plan Type: RP
Plan: 8806
Stamp Duty: $155,900


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New Farm Profile

The average age in New Farm is 36 years and it has a population of 11,330.


Listing Age and Views

This listing was first displayed on 1/12/16, last updated on 1/12/16, and has been viewed 4 times. Please note the counter is not updated immediately.
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