Greenslopes Unit Block Sells for $1.755 Million from $1.41 Million in 3 Months

Greenslopes
Photo Credit: Realestate.com.au

An old apartment block in Greenslopes, located within walking distance of Greenslopes’ hospital and shopping precincts, has sold for $1.76 million, after a previous local investor bought the property for $1.41 million, three months before.



Located within walking distance of Greenslopes’ hospital and shopping precincts, the apartment block on 16 Denman Street has four units that averagely fetch a weekly rent of $1,200. The units’ rent could potentially increase with some improvements or developments to the ageing building.

Spanning 809 square metres, the residential site has a common area on the ground floor with some storerooms, laundries, and separate garages fitted for two cars. The property’s four units have different floor plans with the biggest house offering three bedrooms and an exclusive ground floor area. All of the units are currently leased.

Photo Credit: Realestate.com.au

The property agents said that investors have been “looking for this type of asset” because of its prime location and income potential. Seven registered bidders took interest in the property during the weekend auction in early July 2021.

According to realestate.com.au, the site could be redeveloped with new multiple homes subject to Council approval. 

At least 56 percent of Greenslopes locals are renters. The suburb has a consistently strong demand for units from young professionals working in the CBD, which is just six kilometres away. 


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The suburb’s biggest drawcard is Greenslopes Private Hospital, which has also brought more jobs to the area. The hospital is also a major factor for the older community and retirees.



Greenslopes has approximately 9,000 residents whose working population earns a weekly income of $1,671 or above the country’s average. As of June 2021, the median rent in this suburb is $380 a week for a two-bedroom unit.