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129 Butterfield Street
Herston QLD 4006

Bedrooms: 68
Bathrooms: 10
Car spaces: 10
Land area: 2762m2
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Brisbane's Largest Accommodation Facility - Herston Lodge

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.

Property Details for 129 Butterfield St, Herston

129 Butterfield St, Herston is a 68 bedroom, 10 bathroom Other with 10 parking spaces. The property has a land size of 2762m2. The place is currently for sale with SPACE Property Paddington.

Building Type
Other
Land Size
2762m2

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About Herston 4006

The size of Herston is approximately 1.6 square kilometres. It has 6 parks covering nearly 48.2% of total area. The population of Herston in 2011 was 1,831 people. By 2016 the population was 2,216 showing a population growth of 21.0% in the area during that time. The predominant age group in Herston is 20-29 years. Households in Herston are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Herston work in a professional occupation. In 2011, 42.3% of the homes in Herston were owner-occupied compared with 35.5% in 2016.

Herston has 1,136 properties. Over the last 5 years, Houses in Herston have seen a 74.02% increase in median value, while Units have seen a 72.09% increase. As at 31 August 2024:

  • The median value for Houses in Herston is $1,426,241 while the median value for Units is $800,024.
  • Houses have a median rent of $650 while Units have a median rent of $600.
There are currently 7 properties listed for sale, and 6 properties listed for rent in Herston on OnTheHouse. According to CoreLogic's data, 44 properties were sold in the past 12 months in Herston.

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Adrian Marks
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SPACE Property Paddington
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