The New Farm ugly duckling that could make you a lot of money
We’ve all heard the old adage “buy the worst house on the best street” and in the case of this brick six-pack of units, never a truer word was spoken.
It may not be the prettiest property to look at but this ugly duckling is a veritable gold mine, occupying a 501-square-metre corner block in the heart of New Farm, with six two-bedroom units that are all single strata-titled.
What that means is that each unit can be sold off individually, or some sold off and others rented out.
Marketing agent Matt Lancashire of Ray White New Farm described it as the “hottest block in Brisbane” due to its investment potential and location.
“As an investment proposition, it doesn’t get much better than this. It doesn’t matter that it’s not the most beautiful building to look at – the rules are, you buy things in prime locations in lifestyle precincts that are always going to have minimal vacancies,” he said.
“You could renovate them then flick them, you can just sit and get the income, you could put a billboard on the building and make money off that.
“It’s a very, very easy one to get a number of different income streams from. It’s also got a very low vacancy rate.”
At the top of everyone’s list was the unit block’s location – and the fact it was within walking distance of everything at New Farm was what had buyers from as far as overseas circling in the lead-up to the auction next week, Mr Lancashire said.
“It’s 60 seconds to Howard Smith Wharves on a lime scooter. You can walk to the CBD, James Street or New Farm Park,” he said.
“As an investor, these are units that are always going to be in demand from tenants because they can walk to work.
“It’s a winning combo. You’d be hard-pressed to find anything like this that gives this sort of income, with the growth potential.”
The block of units at 593 Brunswick Street, New Farm will go to auction next Monday, August 12 at 6pm at the Howard Smith Wharves, unless it’s sold prior.