18 Montrose St, Taringa
This property is a block of 5 x two bedroom, one bathroom brick townhouses in neat but dated condition. Our strategy for this property was to extensively renovate the existing units and convert them into 3 bedrooms and two bathrooms each with a single garage and large private courtyard area. Similar dwellings are achieving mid $500s in this area. The additional bonus for this property is the fact that it is zoned LMR2 and there is the potential to gain approval for the construction of an additional freehold small lot house on the front of the lot. The land could then be sold with an approval or the new dwelling could be constructed and then on sold. We engaged in negotiations with this seller for more than 2 months. We were very confident of securing the property on a number of occasions however, the sellers got cold feet at the last minute after speaking with “their mate from the pub” who is apparently a property expert and advised them not to accept our offer. Very frustrating!