5 READING STREET SPRING HILL BRISBANE

Transcription

1 5 READING STREET SPRING HILL BRISBANE Information Memorandum

2 Outline Indicative Only

3 Contents Executive Executive Summary 1 Market Overview 2 Brisbane 3 Spring Hill Overview 4 Spring Hill Demographics 5 Demand Analysis 6 Property Description 7 Building Description 8 Market Research Sales Evidence10 Conclusion 12 Exclusive Agent Gregory Woods Commercial Sales Savills +61 (0) (0) gwoods@savills.com.au Robert Dunne Commercial Sales Savills +61 (0) (0) rdunne@savills.com.au

4 Executive Executive Summary Introduction Savills are delighted to present 5 Reading Street, Spring Hill to the market. The property is being offered with vacant possession by Public Auction to be held onsite. Opportunity 5 Reading Street offers the astute buyer the opportunity to secure two prime inner city residences conveniently situated on one title Live in one and lease one out Lease both and enjoy the strong rental and capital growth prospects afforded by an inner city locale. The existing improvements consist of two freestanding original cottage houses Each residence boasts two bedrooms, one bathroom with living and kitchen area. Each property enjoys one off street car park Location Centrally located in Spring Hill the property is approximately 200 metres to Brisbane Grammar School, 450 metres to Centenary Pool Complex, 800 metres to the Brisbane CBD and a short 1.1kms to the Caxton Street entertainment precinct. Real Property Description Lot 3 on Registered Plan For Sale by Public Auction to be held onsite 11am Thursday 30 th November The property can be viewed by searching 5 Reading St, Spring Hill on A copy of the Due Diligence package & Draft Contract of sale are available at: savills.com.au/commercialsalesqld or by contacting: Gregory Woods +61 (0) (0) gwoods@savills.com.au Robert Dunne 61 (0) (0) rdunne@savills.com.au Land Area Total land area of 411 square metres*. Zoning The property is classified QPP-LMR3 Low Medium Density Residential (up to 3 storeys) Zone under the Brisbane City Plan The property also lies within the Petrie Terrace and Spring Hill Neighbourhood Plan. 1

5 Market Overview Australia Australia is arguably, one of the world s leading economies underpinned by strong economic credentials and a positive outlook for growth. Key points for the Australian economy are: $1.6 trillion economy (GDP). 26 years of uninterrupted growth (3.3% GDP average growth per annum). Forecast GDP growth rate between 2015 and 2019 is one of the highest among major advanced economies 13th largest economy in the world by GDP. AAA rated sovereign risk profile. Significant location in the booming Asia-Pacific region (Asian region will account for over 40 per cent of global GDP by 2019). Diverse, globally competitive industries including: resources (minerals and LNG), agriculture, financial services, education, and research and innovation capabilities particularly in biotechnology, medical science and niche areas of advanced manufacturing. Source: Queensland Over the past two decades Queensland s economic growth has exceeded the national average. This growth has been underpinned by strong economic sectors including agriculture, resources, construction, tourism, manufacturing and services. Queensland is expected to continue to outstrip national growth over the years ahead, especially when growth will be boosted by the ramp-up in LNG exports. Key statistics around the Queensland economy include the following: Queensland has a population of 4.74 million*. The state s population is estimated to double to around 9.1 million people by Queensland s economy has consistently been one of Australia s fastest-growing during the past two decades, averaging 4.5 per cent growth per year, a full percentage point higher than Australia as a whole (3.5 per cent). Queensland has a modern, diversified economy, underpinned by its major economic pillars of agriculture, resources, construction and tourism, augmented by manufacturing and a large services sector. Queensland is expected to overtake Victoria and become the second biggest contributor to national output by The completion of a number resource projects, and the commencement of LNG production will contribute a substantial quantum of royalties to the Queensland economy, providing further support to an increasingly strong state fiscal position and underpinning future economic growth. Source: Queensland Treasury, and Brisbane Marketing * Approx. 2

6 Brisbane Brisbane is one of the fastest-growing capital cities in Australia in terms of population and employment. Our residents are young and skilled, highly educated and culturally-diverse. With a global outlook, exceptional industry strengths and a new world city edge, Brisbane is enterprising and energised. The city is firmly connected to global markets, yet remains economically resilient. Governed by the largest municipal council in Australia, many multinationals have invested in Brisbane, finding an open, supportive, stable and cost-competitive business environment. Innovators, industry leaders and emerging talent are drawn to Brisbane by the growing opportunity to excel, considerable business benefits and the lifestyle. Brisbane Snapshot The Brisbane economy accounts for almost half (48 per cent) of Queensland s economic output and 9 per cent of Australia s as a whole Brisbane continues to move towards a knowledge economy that will sustain longterm economic prosperity for the city Brisbane s economic growth is being fuelled by a competitive base for doing business, high levels of business investment and innovation South-East Queensland is one of Australia s largest metropolitan regions, comprising 3.1 million people, of which approximately 70 per cent reside in the Greater Brisbane area Much of Brisbane and Queensland s population growth is driven by overseas and interstate migration, which contributed approximately two-thirds of the state s new residents. Source: Brisbane Marketing Queensland Government forecast Brisbane s population to grow to nearly 3 million by Our community is extremely multicultural, with a quarter of Brisbane s population born overseas and more than 17 per cent of households speaking a language other than English at home. Cantonese, Italian, Mandarin, Samoan and Vietnamese are among some of the most commonly spoken languages. 33

7 Spring Hill Overview Spring Hill Spring Hill is located on Brisbane s northern fringe with excellent amenity and access to the CBD, Fortitude Valley, Inner City Bypass and the Story Bridge. Right next door to the CBD, Spring Hill continues to attract buyers with its unique appeal. Located 2 kilometres north of the Brisbane central business district, parts of Spring Hill can be considered to be extensions of the Brisbane CBD. Acting as a direct supporting precinct to the Brisbane CBD, Spring Hill is well serviced by road networks, all forms of public transport, as well as numerous cafes, restaurants and shops. Benefiting from the enormous interest in near and inner-city living, Spring Hill sits north of the CBD bounded by a railway line next to Gregory Terrace, Wickham Terrace, parts of Ann Street and St Pauls Terrace, and Warry and Kennigo Streets. Being directly north of the CBD and its adjoining suburb, it is only minutes away from services and facilities, as well as the nightspots of Fortitude Valley. Spring Hill is one of Brisbane s few areas that successfully combine residential living with commercial and professional activities. Spring Hill is continuing with the makeover that started more than 10 years ago. Many older homes have been immaculately restored or new, architecturally designed homes have been built in their place. The area attracts renters who want proximity to the city and this assures the area of continuing investment potential. The suburb is particularly popular with Brisbane's professionals and attracts strong interest from those who want the benefits of near-city living. Lifestyle A blend of old and new, Spring Hill is only a hop, skip and jump from the CBD and residents can use the city and the Valley as their playgrounds. Wickham Terrace is famous for its medical specialists and St Andrew's War Memorial Hospital, which is another of Spring Hill's heritage listed buildings. New designer buildings and fancy eateries like E'cco have crept from the CBD to the edges of Spring Hill making it a trendy place to live, but also family friendly as there are several schools including Brisbane Grammar School, and childcare centres close by. Residents can also take an easy walk to Roma Street Parkland or carry on a little further and make their way to South Bank on foot. Draft Spring Hill Neighbourhood Plan Brisbane City Council has been working with the community to prepare a new neighbourhood plan for Spring Hill. The draft Spring Hill Neighbourhood Plan was recently reviewed by the Queensland Government and is now available for your feedback. To view a copy or find out more about the draft neighbourhood plan: visit the Spring Hill Neighbourhood Plan web page here. 44

8 Spring Hill Demographics According to the Australian Bureau of Statistics the total population of Spring Hill was 6,149 in The population is projected to increase to 8,756 by The lifestyles and people of Spring Hill Occupations The main occupations of people living in Spring Hill are: 37.4% Professionals 12.8% Clerical & administrative workers 12.3% Managers 9.3% Community & personal service workers 8.8% Labourers 8.5% Technicians & trades workers 7.2% Sales workers 1.9% Machinery operators & drivers Home Ownership 11.6% of homes are fully owned 18.0% are in the process of being purchased by home loan mortgage 67.7% of homes are rented Sources:

9 Demand Analysis According to Corelogic, 183 apartments were sold and settled in Spring Hill in 2016 with a median sale price of $508,190 per apartment. There were 22 houses that were sold and settled in Spring Hill in 2016 with a median sale price of $1,306,409 per house. Spring Hill Medium Property Price House Unit Beenleigh Weekly Unit Rent The Residential Tenancies Authority (RTA) provide the following information on units in Beenleigh: 1 Bedroom Flats/Units Jul-Sep 2015 Jul-Sep 2016 Jul-Sep 2017 Rent ($) New Bonds Rent ($) New Bonds Rent ($) New Bonds Bedroom Flats/Units Jul-Sep 2015 Jul-Sep 2016 Jul-Sep 2017 Rent ($) New Bonds Rent ($) New Bonds Rent ($) New Bonds Bedroom Flats/Units Jul-Sep 2015 Jul-Sep 2016 Jul-Sep 2017 Rent ($) New Bonds Rent ($) New Bonds Rent ($) New Bonds Sources: realestate.com.au, Residential Tenancies Authority Rental Bond Lodgements, Savills Research. 66 Outline Indicative Only

10 Property Description Property 5 Reading Street, Spring Hill QLD Real Property Description Lot 3 on Registered Plan Interest Offered Land Area Local Authority Zoning Classification Town Planning Services Fee Simple. 411 square metres. Brisbane City Council. QPP-LMR3 - Low Medium Density Residential (Up to 3 Storeys) Zone The site is also located within the Petrie Terrace and Spring Hill Neighbourhood Plan. Electricity, water, telephone, sealed road, kerb and gutter, footpath & sewer. * Approx. Outline is indicative only. 7

11 Building Description 6 Reading Street The front house consists of the following; Two bedrooms One bathroom and toilet Kitchen and living rooms Cottage style verandah Laundry and Storage area underneath the house One off street car park 8

12 Building Description 5 Reading Street The rear house consists of the following; Two bedrooms One bathroom and toilet Kitchen and living room Cottage style verandah front and back Laundry and Storage area underneath the house One off street car park 9

13 Market Research Sales Evidence The following recently sold properties provide an indication of activity in the area: Address Sale Date Sale Price Land Area (sqm) 429 Gregory Terrace, Spring Hill May-17 $1,452, sqm 27 Parish Street, Spring Hill May-17 $1,130, sqm 120 Warren Street, Fortitude Valley Jan-17 $980, sqm 36 Rosa Street, Spring Hill Feb-17 $950, sqm 77 Kennigo Street,Spring Hill Aug-17 $895, sqm 71 Isaac Street, Spring Hill 51 Normanby Terrace Kelvin Grove Mar-17 $875, sqm May-17 $870, sqm Rate Range High $1,452, sqm Rate Range Low $870, sqm Average $1,021, sqm Sources: Corelogic, Cordells and Savills Research 10

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15 Conclusion Savills are delighted to present 5 Reading Street, Spring Hill to the market. The key features of this property is summarised below: 5 Reading Street offers the astute buyer the opportunity to secure two prime inner city residences conveniently situated on one title Live in one and lease one out Lease both and enjoy the strong rental and capital growth prospects afforded by an inner city locale. The existing improvements consist of two freestanding original cottage houses Each residence boasts two bedrooms, one bathroom with living and kitchens area. Each property enjoys one off street car park Centrally located in Spring Hill the property is approximately 200 metres to Brisbane Grammar School, 450 metres to Centenary Pool Complex, 800 metres to the Brisbane CBD and a short 1.1kms to the Caxton Street entertainment precinct. For Sale Public Auction to be held onsite 11am Thursday 30 th November * Approx. Disclosure Documents The disclosure documents for the sale of 5 Reading Street, Spring Hill are available here: Current Title Search Floodwise Property Reports Zoning Map Draft Contract of Sale The draft contact of sale is available upon request or at savills.com.au/commercialsalesqld The property video can be viewed by searching 5 Reading Street Spring HIll on 12

16 Robert Dunne Commercial Sales QLD T: M: E: Gregory Woods Commercial Sales QLD T: M: E: Savills Level 2, Central Plaza 2 66 Eagle Street Brisbane QLD 4000