SOLD
Sold on 09 Apr 2024 for $3,410,000

7 River Street
Petrie QLD 4502

Bedrooms: 20
Bathrooms: 12
Car spaces: 12
Land area: 2044m2
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Property Details for 7 River St, Petrie

7 River St, Petrie is a 20 bedroom, 12 bathroom Unit with 12 parking spaces. The property has a land size of 2044m2. While the property is not currently for sale or for rent, it was last sold in April 2024. There are other 20 bedroom Unit sold in Petrie in the last 12 months.

Building Type
Unit
Land Size
2044m2
Local Government
Moreton Bay
Lot/Plan
4/RP45374

Last Listing description (May 2024)

Team Pickles at Harcourts Solutions are delighted to assist the owners of this multiple potential option property to sell, sell, sell!

Sited on an eminently positioned block, ripe for development, this property offers substantial yearly cash-flow as well as an impressive potential to fully capitalize on the multi-billion dollar spend currently lined up for the region.

The University of Sunshine Coast, Petrie campus is now fully operational, and with further expansion planned, is likely to require plenty of additional accommodation options. Petrie is set to continue to grow into a university town, with all associated facilities and growth opportunities that will generate.

The 2032 Olympics, to be held in the South East of Queensland, is also sure to attract plenty of investment, with plans for a stadium for Moreton Bay (the local council region within which Petrie sits) to support the basketball and boxing and leaving a lasting legacy for generations to come.

The property sits on 2,044m2 in the heart of town, a high growth corridor, and currently operates with 8 x 2 bed units and 4 x 1 bed units. All units are very generously proportioned and fully tenanted.

Currently yielding a gross income of circa $200,000 annually, the rents have been locked in to increase to around $220,000 gross per annum from the start of 2024!

If you are looking to secure a valuable asset that will pay cash flow on top of capital growth, with the added bonus of further development potential (think multi-level accommodation for university attendees and staff, to include commercial premises) then this opportunity is a rare commodity indeed.

- Low maintenance block
- Brick built to high standards
- Extremely well maintained
- Proximity to the USC Petrie Campus, rail links and road infrastructure
- Fully tenanted
- Around 98% occupancy historically
- Several long term tenancies
- High growth potential
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The Brisbane CBD is around 30 minutes by express train, the Sunshine Coast is less than an hour away, North Lakes is a major shopping and entertainment destination only a short drive away and the airport is around 40 minutes by car.

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Property History for 7 River St, Petrie, QLD 4502

A timeline of how this property has performed in the market
Last Sold
$3,410,000
09 Apr 2024
  • 09 Apr 2024
    Sold for $3,410,000
  • 09 Feb 2023
    Listed for Sale For Sale Now
  • 25 Nov 2022
    Listed for Sale $5,000,000 - $5,100,000
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About Petrie 4502

The size of Petrie is approximately 6.6 square kilometres. It has 32 parks covering nearly 17.5% of total area. The population of Petrie in 2011 was 8,499 people. By 2016 the population was 8,686 showing a population growth of 2.2% in the area during that time. The predominant age group in Petrie is 40-49 years. Households in Petrie are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Petrie work in a clerical occupation. In 2011, 76.1% of the homes in Petrie were owner-occupied compared with 71.9% in 2016.

Petrie has 3,613 properties.

    There are currently 20 properties listed for sale, and 15 properties listed for rent in Petrie on OnTheHouse. According to CoreLogic's data, 148 properties were sold in the past 12 months in Petrie.

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