Blocks scattered across Beenleigh are primed for development and ready to capitalise on to meet housing targets, according to experts.
Local sales agent Ryan Trama said properties like 167 Main Street had the potential for major development, which was “popping up” across the suburb.
“It is within the Logan City Council’s low-to-medium density and residential apartment zone, so with that comes a range of potential development opportunities – subject to council approval,” Mr Trama said.
“Within that zone, there is the possibility for 75 equivalent dwellings per hectare, potentially more through an impact assessment with the council.”
The 1234sqm block has two street frontages – totalling 67 metres – currently featuring a five-bedroom home.
But Mr Trama said there was a lot more that could be done with the block.
“There is a really interesting project that is being completed across the road called Main Residences Beenleigh, and that is essentially a boutique backpackers-style accommodation,” he said.
“They charge about $300 a night to rent out these rooms to people travelling through, so that is an example of that business type of model that could go in there – shared accommodation or hotel-style accommodation.”
He said Beenleigh and the surrounding suburbs were booming – in both population and infrastructure.
“There is quite a lot happening around the area,” he said.
“This Logan corridor just off the motorway is certainly booming, right through to Eagleby is going crazy – the growth there over the last nine to 12 months has been insane.”
Thanks to this, current projections suggest the block could sell for more that $1 million.
The current owners bought the property 20 years ago for $242,000.
“It is a pretty niche market – there are not many properties of this size with this zoning that have sold recently,” Mr Trama said.
“This is in the apartment precinct, so it does provide an additional level of development – up to 18 metres high and potentially taller with an impact assessment.
“There are sales around the area of different sizes – around $1.1-1.4 million – so this is probably within that range, but we’re putting it to the market to figure out exactly where it will sit.”
Temporary accommodation is just one example of the development that could suit the site.
“The ideal buyer for this would probably be one of multiple people,” Mr Trama said.
“It could be someone looking to bank the land for the foreseable future, or it could be someone looking to do more immediate development.”
According to Mr Trama, there is potential to divide the block into three allotments.
“There is also the potential to demolish what is there and build a big dual key property, and there is potential for a unit complex – it really is open to a wide range of buyers,” he said.
“It will be interesting to see where most of the money comes from.
“We are in a time where construction is quite expensive so it will be interesting to see if it is that apartment-type development that is most appealing or if it is something else.”
