Little treasure has miles of potential
BRISBANE investors have snapped up a 102-year-old property within the Southport Property Development Area for $720,000 at auction.
The 405sq m site at 11 Railway St hosts a two-level house, originally built in 1915.
Marketing agent Murray Schmidt, of Professionals Paradise Point, said there was strong competition for the property with the auction attracting six registered bidders.
He said the buyers were linked to the owner of 13 Railway St and may look to amalgamate both sites and establish a future joint venture development.
The property falls within precinct 2 of the PDA, which aims to create a “cluster of urban residential density to provide critical mass of residents and support of the CBD precinct’s functions”.
The precinct provides for high-density residential developments and small-scale support services.
The PDA was established in October, 2013, to allow for development applications to be fast-tracked and to stop appeal rights for projects in the area.
There is a substantial amount of development underway in the area.
The house is around the corner from the nine-level 8 on Norman development.