3 Collene Grove
Springwood, QLD 4127

This property offers a well-maintained house situated on a perfectly rectangular 746 square meter block, zoned for Medium Density Residential use. It presents an excellent opportunity for buyers to either move in immediately or rent out the existing home while planning future development.

The site is ideal for constructing a 15-apartment building, with each apartment designed to include two bedrooms, two bathrooms, and one or two car parking spaces. This development concept is supported by available drawings and is suitable for short-term accommodation such as Airbnb rentals.

Located in a highly sought-after area of Springwood, the property benefits from proximity to the Pacific Highway, providing convenient access between the Gold Coast and Brisbane CBD. It is within walking distance to the Busway Station, freeway access points, shopping centers, and other amenities, making it an attractive location for tenants and visitors alike.

Demand for short-term rental accommodation with two bedrooms and parking is strong in this area, enhancing the investment potential. The upcoming Olympic Games are expected to further increase rental demand and profitability for such developments.

Financial projections for the proposed 15-apartment building estimate a gross turnover of approximately $1,031,250 annually, based on an average nightly rate of $250 per apartment and an estimated occupancy rate of 275 nights per year. This figure excludes cleaning fees and other operational costs but highlights the lucrative nature of the investment.

Overall, this property represents a rare opportunity to secure a versatile asset with immediate residential use and significant future development potential in a prime location.