589 Ipswich RoadAnnerley QLD 4103
Property Details for 589 Ipswich Rd, Annerley
589 Ipswich Rd, Annerley is a 8 bedroom, 2 bathroom House with 2 parking spaces and was built in 1930. The property has a land size of 650m2 and floor size of 240m2. While the property is not currently for sale or for rent, it was last sold in March 1997.
Last Listing description (June 2026)
589 Ipswich Road Annerley presents a brilliant investment opportunity, set high on Ipswich Road with great views over Annerley and surrounding suburbs. Only 6 kilometres from the Brisbane CBD, it provides an immediate inner-city development opportunity, with an existing Development Approval (DA) for 18 units that runs until 6 November 2027.
The property zoning is LMR2 Low-Medium Density Residential allowing code assessable development of 2 or 3 storey residential mixed-use dwellings.
CURRENT USE
It is a large property with over 240m2 of living space and is close to all amenities and transport. The property is fully furnished and has large and spacious rooms.
The property has minimal vacancies, due to tenants being provided with:
- Fully furnished room
- Unlimited internet
- All utilities (gas, water, electricity)
- Regular communal cleaning of common areas
- Lawn and garden maintenance
DEVELOPMENT APPROVAL
The DA Approval for 589 Ipswich Road, Annerley is 17 self-contained units with their own bathroom and kitchenette PLUS an on-site self-contained Manager's Office. The DA expands the existing living area from over 240m2 to 608.8m2, utilising the existing building footprint with modifications to the laundry, garage, and verandahs.
The plans spread the self-contained units over two levels, with 9 units on the ground level and 8 units and the Manager's Office on the first floor. The DA plans include common kitchen and dining areas on the upper and lower levels.
The DA has been extended until 6 November 2027.
FUTURE RENTAL INCOME
Based on current demand for self-contained student accommodation in Brisbane, the newly developed units are likely to rent between $240/wk - $270/wk (based on conservative estimate). Consequently, a conservative forecast of future rental income is $4,080/wk - $4,590/wk. This equates to annual income between $212,160 - $238,680.
SEIZE THIS RARE OPPORTUNITY
It is extremely rare to find existing boarding accommodation which has Development Approval to more than double lettable rooms. This property offers a unique opportunity to generate immediate holding income PLUS easily develop a high yield long-term investment close to Brisbane's CBD.
For more information, including copy of DA plans and property disclosure documents, please submit your enquiry.
Don't miss out on this brilliant opportunity. Call Sean on 0438 115 550 or email sean@affinityproperty.net.au
Property History for 589 Ipswich Rd, Annerley, QLD 4103
- 23 Dec 2025Listed for Sale Inviting Offers - DA Approved For 18 Self-Contained Units
- 07 Sep 2023Listed for Rent $130 / week
- 03 Jan 2019Listed for Rent $130 / week
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0About Annerley 4103
The size of Annerley is approximately 2.8 square kilometres. There are 11 parks, covering nearly 4.1% of the total area. The population of Annerley in 2016 was 11336 people. By 2021 the population was 11891 showing a population growth of 4.9% in the area during that time. The predominant age group in Annerley is 20-29 years. Households in Annerley are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Annerley work in a professional occupation.In 2021, 44.00% of the homes in Annerley were owner-occupied compared with 42.90% in 2016.
Annerley has 6,435 properties. Over the last 5 years, Houses in Annerley have seen a 65.83% increase in median value, while Units have seen a 114.32% increase. As at 30 June 2026:
- The median value for Houses in Annerley is $1,501,429 while the median value for Units is $891,839.
- Houses have a median rent of $750 while Units have a median rent of $595.
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