Savills : 20-Year Buying Strategy Delivers Family $5.5 Million Sale

A long-term investment strategy and the patience to acquire a whole block of Brisbane townhouses over a 20-year period have delivered a savvy family of investors a $5.5 million windfall.

The 'Foga Lodge' property at 53 Coonan Street at Indooroopilly in Brisbane's inner-west comprises nine townhouses on 2,192sq m of land, just 150m to Indooroopilly Shopping Centre.

Robert Dunneof Savills successfully marketed the property for sale in one line. He said the vendors, a Melbourne-based family, had spent 20 years acquiring all the individual titles in 'Foga Lodge'. They then offered the complete property holding to market to capitalise on their long-term strategy and the continued maturing of the central Indooroopilly precinct.

'This property is ideally located next to Indooroopilly Shopping Centre and in close proximity to range of public transport, schools, the Brisbane River, the University Queensland, golf courses and other sporting and community facilities,' Mr Dunne said. 'The size and positioning of the property attracted a very high level of buyer enquiry, including 130 interested parties and seven separate offers.'

The 'Foga Lodge' property was sold to a local private investor/developer who intends to hold the nine townhouse property as is in the short-term, before investigating future development opportunities.

The site has the potential for a 77-apartment development with a Gross Floor Area of 6,575sq m.

Mr Dunne said Indooroopilly, positioned between the prestige suburbs of St Lucia and Chelmer, is a maturing hub for Brisbane's sought after inner-west.

He said Indooroopilly is increasingly popular with residents and investors alike given the major expansion of the Indooroopilly Shopping Centre and surrounding dining precinct. The maturing suburb also provides convenient access to multiple public transport links and the new Legacy Way Tunnel road network easily connects residents to the airport and all parts of the city.