589 Ipswich Rd

589 Ipswich Road Annerley presents a brilliant investment opportunity, set high on Ipswich Road with great views over Annerley and surrounding suburbs. Only 6 kilometres from the Brisbane CBD, it provides an immediate inner-city development opportunity, with an existing Development Approval (DA) for 18 units that runs until 6 November 2027. The property zoning is LMR2 Low-Medium Density Residential allowing code assessable development of 2 or 3 storey residential mixed-use dwellings. CURRENT USE 589 Ipswich Road, Annerley has been operating as Rooming Accommodation for the past 28 years, and includes 8 bedrooms, 2 bathrooms, and 4 car parking. The boarding rooms are a favourite for students, and the existing tenancies are RTA Rooming Accommodation Agreements. It is a large property with over 240m2 of living space and is close to all amenities and transport. The property is fully furnished and has large and spacious rooms. The property has minimal vacancies, due to tenants being provided with: - Fully furnished room - Unlimited internet - All utilities (gas, water, electricity) - Regular communal cleaning of common areas - Lawn and garden maintenance DEVELOPMENT APPROVAL The DA Approval for 589 Ipswich Road, Annerley is 17 self-contained units with their own bathroom and kitchenette PLUS an on-site self-contained Manager's Office. The DA expands the existing living area from over 240m2 to 608.8m2, utilising the existing building footprint with modifications to the laundry, garage, and verandahs. The plans spread the self-contained units over two levels, with 9 units on the ground level and 8 units and the Manager's Office on the first floor. The DA plans include common kitchen and dining areas on the upper and lower levels. The DA has been extended until 6 November 2027. FUTURE RENTAL INCOME Based on current demand for self-contained student accommodation in Brisbane, the newly developed units are likely to rent between $240/wk - $270/wk (based on conservative estimate). Consequently, a conservative forecast of future rental income is $4,080/wk - $4,590/wk. This equates to annual income between $212,160 - $238,680. SEIZE THIS RARE OPPORTUNITY It is extremely rare to find existing boarding accommodation which has Development Approval to more than double lettable rooms. This property offers a unique opportunity to generate immediate holding income PLUS easily develop a high yield long-term investment close to Brisbane's CBD. For more information, including copy of DA plans and property disclosure documents, please submit your enquiry. Don't miss out on this brilliant opportunity. Call Sean on 0438 115 550 or email sean@affinityproperty.net.au