Lend Power Deal of the Fortnight – 32 Gertrude St, Redcliffe QLD 4020
Our pick of the week this week is 32 Gertrude St, Redcliffe QLD 4020. Sold in August for $345K, this 3 bedroom, 1 bathroom highset house sitting on 405sqm block is one with good value add potential the following reasons:
- Location – 500m to Redcliffe hospital, less than 500m to Coles and just over 1km to Redcliffe Esplanade & beachfront
- Value Add Potential – scope to turn downstairs store area into rumpus and potentially store room into a room, adding a shower to laundry to make second bathroom
- Downside – no side access to rear yard, internal floor space is quite small
- Rent was $320 per week so about 4.8% gross rental yield with possible downstairs expansion to improve yield
The reason I want to bring this property up is because I’ve inspected it myself when I was up at Gold Coast earlier this year. Unfortunately by the time I was there the property was already under contract. Nevertheless I thought it was a nice little property with excellent location in Redcliffe, close to hospital/amenities as well as beach front – very attractive aspects for both renting & own living. The house is not perfect where internal area is small and without side access (the stairs blocked the left side) the backyard which consist of 50% of the land is somewhat wasted. Also block is only 405sqm but that is standard for Redcliffe area.
Another thing I thought to point out is that previous owner bought this property for $342K back in September 2009 and after 9 years it was sold for $345K. You can’t go wrong with these purchases when you’ve bought literally at same price level as what previous owner has paid almost 10 years ago!
I wrote a bit about my short trip to Redcliffe in my story heading north – check it out here 🙂
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