Lend Power Deal of the Fortnight – 1 Carina St, Regents Park QLD 4118
Our pick of the week this week is 1 Carina St, Regents Park QLD 4118. One of our clients enquired recently and current seller is asking $370,000+. Thought we’ll pull this apart and see what the 3 bed, 1 bath and 1 garage house sitting on 754SQM has to offer:
- Location – with a walk score of 74% (“very walkable”) and within minutes walk to Browns Plain Grand Plaza and buses. Easy access to Mt Lindesay Highway. However note Vansittart Rd is a semi-busy road
- Building – lowset brick in very good conditions. Updated kitchen and bathroom.
- Value Add Potential – Sitting on a corner block with 750sqm which means it’s subdivide-able. However due to position of the house cannot subdivide without knocking it down. So in this case a more feasible approach would be having Granny Flat with entry from the side street.
- Yield – estimated rental of $370/week (conservative) which would gross at 5% rental return
A potential buy in Regents Park which is a decent suburb in Logan’s west part with a mix of future subdivision/GF potential without having to sacrifice yield too much. The property can easy last for decades and during the meantime a granny flat can be built to improve overall cashflow position and later down the track when the house had it’s time then a knock down and potential subdivide can take place to reap the long term reward. The main issue with this property is that it is sitting on a semi-busy road (Vansittart) and owner is not willing to negotiate below $370K. Hence we’ve decided to move onto the next opportunity.
Regents Park is a suburb of Logan City about 25km south of Brisbane CBD. Originally part of Browns Plains, it was separated for residential housing in the early 1980s but continue to enjoy the convenient access to amenities. Median price $410K with annual capital growth of 1.4% and weekly median advertised rent at $390 per week. Vacancy rate is currently sitting at 2.3% and seems to be trending down.
(Source: Your Investment Property Suburb Profile & SQM Research)
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