Unrelenting persistence pays big dividends on this splitter/development site. We bought for our client for $20k below offer received prior to auction.
Highlights
- 809sqm splitter site with subdivision capability
- Favourable topography for subdivision, falling from rear boundary to road frontage
- Elevated, non-flood-effected site
- Valuable land, 10km from Brisbane CBD
- Secured $20k below offer received prior to auction
How the deal happened:
- The brief for this purchase was very particular –
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- a site with subdivision potential
- no further than 10 km from the CBD
- with a house good enough to attract a good rent for a few years until redevelopment
- After searching for some time and going out to our extensive database of agents and contacts, as soon as we came across this property, we knew it was a cracker and fitted the client’s brief perfectly
- It was going to auction, with the first viewing opportunity being the coming weekend
- Our inspection confirmed what we already knew – this was the optimal property for our client!
- We completed all the due diligence required for this site
- The agent had confirmed the vendors would not accept any offer prior to the auction and that one had been received and rejected
- Auction day arrived and we were able to extract from the agent that the buyer who had submitted the offer prior to the auction had withdrawn from the race after purchasing another property in the meantime
- The offer prior to auction had been for $1.215M
- There were 5 registered bidders at the auction
- One party opened the bidding with a strong $1.1M bid
- After some tense bidding, we were able to secure the property under the hammer for our clients at $1.195M – below the auction reserve price
- Persistence was absolutely the key to this brief
Why did the client engage us?
- Proven past performance in sourcing development and subdivision sites
- Based on our extensive connections and wide reach, they knew that we would be a trusted source and would deliver what they wanted
- The professionalism of our Brisbane Team and our clients’ trust in our Buyers Agents background as Valuers and their ability to assess sites that met their development objectives
Property highlights:
- Large 5 bed, 2 bath house
- Renovated kitchen and bathrooms
- Readily tenantable to provide a good holding income until subdivision
- Clear block with sewer line running along the front boundary and water connection off the front corner
- Top location
- 10 km to CBD
- 1km walking distance to train station
- Halo effect, gentrifying suburb adjoining affluent neighbouring suburbs
- 1.3km walk to local village shops, with good cafes and take away
- 170m to park and playground
- 2.2km to Westfield very large Westfield
- 180m to the local Primary School
- 7.5km to Brisbane Airport and Brisbane Port employment hubs
Do you have a client or does someone you know want an off-market and below-market purchase like this? Our Buyers Agents will get you one in Sydney, Melbourne, Brisbane, Sunshine Coast, Perth, Canberra, Adelaide.
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