129 Butterfield Street, Herston QLD 4006

We are proudly presenting an outstanding opportunity to purchase one of Brisbane's most significant accommodation facilities – Herston Lodge.

Centrally located in the near-city suburb of Herston, the 2,762 sqm Low-Medium Residential density (2 or 3 storey mix) allotment is situated 3.5 km by road north of the Brisbane GPO, 1.6 km north east of QUT Kelvin Grove and 800 metres west from the Royal Brisbane Women's Hospital.

The facility is accredited for a maximum of 91 residents and comprises three buildings and 68 bedrooms. The main building features 57 rooms with four sets of male and female bathrooms, a laundry, a commercial kitchen, two living areas, and staff amenities. The colonial dwelling offers 11 rooms, bathroom facilities, storage, and a laundry. The neat and tidy complex includes a substantial 18.7kw solar system and ample onsite car parking. The gross floor area is estimated at 1,320 square metres.

The property is leased by a Level 3/NDIS provider, paying approximately $292,000 per annum net, with all outgoings being recoverable. The tenant has been in occupation since 2018 and recently signed a new lease expiring December 2028. Rent reviews are 5% per annum and the lease includes a mutual 6-month break lease clause for either the lessor or lessee to operate.

Herston Lodge presents a significant opportunity to explore the development potential of the 2,762 sqm LMR allotment, operate a large accommodation facility, or retain the existing tenant.

Demand for rooming accommodation is currently sky-high, and rents have increased dramatically over the past 12 months throughout Brisbane. With minimal capital works, Herston Lodge could be converted (subject to approval) to a large-scale Level 1 rooming accommodation facility, capitalizing on the shortage of rooms throughout Brisbane.

The property presents a versatile and lucrative investment opportunity with multiple pathways for the discerning investor. Please contact me for more information and inspections are strictly by appointment.