The landlord of a property in Brisbane’s eastern suburbs wants to get rid of his low income rental property and turn it into a high-rise apartment.
Key points:The landlord wants to make the land his new tenant’s new homeThe new tenants will be a mix of low- and high-income tenantsThe property is located on the former site of the old Royal Brisbane and Women’s Hospital siteBrisbane’s former Royal Brisbane Hospital site has been converted into apartments with large terraces.
“There’s a lot of interest in the area and there’s a desire to develop the area for that purpose,” the property manager told ABC Radio Brisbane.
“It’s an opportunity for us to develop our business and we’re looking to develop it into something much more exciting and much more significant for the community.”
The landlord says he will be looking to lease the property out to a private developer.
“We’ve always looked to lease out properties as a way to ensure we’re not paying a tax,” he said.
“I’m not looking to make any money out of it but I do want to make it a profitable opportunity for our business.”
The developer said it would be a “substantial” change to the property and would be subject to a “significant amount of approvals”.
Mr Duong said he had been approached by several people about the project and was willing to discuss terms.
“The main thing for us is that we’re very pleased with the prospect of developing this property,” he told ABC Brisbane.”[The developers] have approached us with a very detailed proposal and we’ve looked at the potential, but at the moment we’ve been able to do some of the preliminary work in terms of the land acquisition.”
He said he would like to see more properties converted to apartments before deciding on the purchase.
“If we have the opportunity to redevelop our properties into something that we can be proud of and be a major part of the Brisbane community, I would certainly look to that,” he added.
The developer’s project will be the third of its kind in the Brisbane CBD.
He has previously proposed the purchase of properties in Brisbane CBD for the purpose of transforming them into apartments.
He told the ABC the first three projects had been “in the range of $5 million to $10 million”.
“I don’t think there is anything on the scale that we would ever be able to achieve, but it’s certainly a lot cheaper than building a new hospital in the CBD,” he explained.
“So we certainly would consider that option.”