EOIs close on rare Gympie development site opportunity without immediate sale

Expressions of interest for a development site opportunity in the heart of Brisbane’s north closed without an immediate sale. 
 
The Kedron properties at 531-537 Gympie Road, 21 Kate Street and 20-26 Boothby Street came with a substantial 16,724sqm site area.

It also offers a 59m frontage to Gympie Road and a 42m entry to Boothby Street.
 
The property was being marketed by Ray White Commercial QLD Managing Director and Partner Michael McCullagh and Manager – Brokerage Services Andrew Doyle.
 
“This really is a fantastic asset that provides an irreplaceable blank canvas development opportunity with a holding income of $413,630 per annum,” Mr McCullagh said.

“Commanding a huge site area in this established and growing suburb, this site lends itself to the design and delivery of a range of development options.
 
“Long-standing tenants provide significant holding income, some of which have a strong trading history for decades.
 
The property is also in close proximity to existing retailers such as JB Hi-Fi, Pet Barn, Chemist Warehouse, Coles, Aldi and several car dealerships.
 
“Gympie Road is a major arterial route which connects the Brisbane CBD to the city’s northern suburbs and services over 23 million cars per annum,” Mr Doyle said.

“As of 2019, the immediate 3km catchment area surrounding the subject properties recorded an estimated resident population of 77,334 people, with an average annual growth rate of 1.92 per cent from 2016-2019. 
 
“The broader catchment area is relatively affluent overall, with average annual income per household exceeding $114,000, or around $15,000 higher than the Queensland average.”
 
Expressions of interest closed on September 24.