The park, currently used as a car park, will be converted into a district park.
Photo: Ruth McCosker
A Brisbane park which was one used by military vehicles before becoming a racing club car park will be converted back into public parkland.
The triangular park at Ascot is between Lancaster Road, Kitchener Road and McGill Avenue currently has dirt and cement paths surrounded by grass and a scattering of trees.
Brisbane City Council has been planning the future Racecourse Precinct since 2009, which involved converting the car park back to public parkland.
The council revealed the development plans for the district park on Tuesday
The site had been part of the Eagle Farm racetrack facilities since the 1860s and until the 1940s it was known and used as Ascot Park under the management of Hamilton Council and later Brisbane City Council.
The council’s parks, environment and sustainability chairman David Mclachlan said during General Douglas MacArthur’s war efforts in Brisbane the park was used for military vehicles and storage.
“After the war, the site continued to be used as a car park for the racing club,” he said.
The Eagle Farm racing club members car park sign is still at the entry to the park, along with plaques attached to the fence reserving bays, but the car park is no longer in use by the club.
The design for the new park shows an outdoor gym/fitness area, dog off-leash area, playground and a rotunda.
The council would hold information sessions to consult with the community on the proposed design for Ascot Park.
Construction of the park will take place in 2019.
Hamilton Hill home of NASA inventor for sale for first time in half a century
THE Hamilton Hill home of a Brisbane inventor who helped put NASA into space has hit the market for the first time in more than 50 years.
Norman Flournoy, 88, has 27 worldwide patents to his name, including technical inventions used in ballistics and rocketry in the United States.
His wife, Marea Reed, worked from home as an optometrist for three decades and still has the original chair she used, which was made in 1876 from solid brass and bronze.
The 79-year-old hasn’t ruled out selling the chair with the house, but stressed it would have to be a good offer.
Mrs Reed moved into the home at 29 Queens Road in 1965 with her first husband, who was an architect.
“It was a wreck when we first came here,” she recalls.
“He did some beautiful, sensitive alterations to the house.
“It’s a wonderful mix of the traditional colonial and the new avant-garde.”
Perched high on Hamilton Hill on 890 sqm, the six-bedroom, two-bathroom colonial home is the perfect renovation project, offering spectacular river and city views.
“It’s got an absolutely fantastic view and position,” Mrs Reed said.
“What I love about it is the great expanse of sky.
“It’s a very happy home.”
Traditional features include a wraparound entry veranda, original timber flooring, wide hallway and VJ walls.
There is a large back deck, which extends off the living and dining area that would be perfect for alfresco dinners or parties.
It overlooks the backyard, which allows plenty of room for a pool or home extension.
Underneath the home is a spacious studio with bedroom/lounge area and kitchenette — ideal for a guest wing or teenage retreat.
Marketing agent Nick Kouparitsas of Ray White Ascot said it was rare for such properties to be offered to the open market.
“We don’t come across too many of these homes that have been in the same family for so many years,” he said.
“Around Hamilton they’re pretty rare.”
Mr Kouparitsas said he had fielded interest from local and interstate, mostly from owner-occupiers looking for something to renovate on a large block in a great location.
“You’ve probably got some of the best views in Brisbane there of the river and the city,” he said.
The property is scheduled for auction on-site at 4pm on May 26.
Investing in units: Why settle for one when you can have the whole ‘six-pack’?
Rebekah Kington owns an art deco apartment in New Farm. Photo: AAP/John Gass.Source:News Limited
INVESTORS wanting to become mini property moguls are being urged to ‘buy in bulk’ and sink their savings into a ‘six-pack’.
OLDER ‘six-pack’ apartment blocks have become the hardest market to crack in Brisbane amid a surge in demand from buyers looking to ‘bulk buy’ fixer-uppers.
The humble ‘six-pack’ apartment block — and the individual units in them — are so prized among those who own them, they rarely come up for sale.
But when they do, they are selling fast, defying the recent drop in off-the-plan sales for new units in Brisbane.
Despite a flood of new apartments in the inner city market, real estate agents say single title six-unit blocks and classic art deco apartments are in strong demand, with savvy buyers looking for a solid long-term investment and an opportunity to renovate and reap the returns.
Claudia Marchand of LJ Hooker New Farm recently sold a one-bedroom, art deco apartment at 86 Moreton Street for $517,000 and an entire art deco ‘six-pack’ for $2.95 million.
The heritage-listed property at 32 Moray Street was sold as part of a deceased estate after being owned by the same family for 81 years.
Ms Marchand said there was a big difference between the new “cookie cutter” off-the-plan apartments and the older, boutique apartments, which offered character, larger floorplans and higher ceilings.
“I’ve got more buyers than supply for that type of product — not even just a block, but also single apartments,” she said.
“What is being built today is really contemporary and it’s all a bit cookie cutter, so people really value something that’s different and has character, which is not going to be replicated in the future.
“A unique opportunity is always something people will value.”
Phil Hassid of Phil Hassid Flat Sales said part of the reason ‘six-packs’ were in demand was because owners refused to sell an asset that provided a good stream of cash returns.
“The types of properties I sell, most people hold for a lifetime or at least decades,” he said.
And while tighter lending restrictions had put some buyers off, Mr Hassid said it was worth going through the short-term pain of dealing with the banks for the long-term gain.
“The bottom line is these are still great investments,” he said.
“In the long run you’re going to do brilliantly.”
And he believes now is the time to buy.
“At some point in time, when the construction wave finally abates, there is going to be an almighty catch up that will unleash a wave of sales,” Mr Hassid said.
A new Jones Lang LaSalle report, there are currently 8800 new units under construction across 46 projects in Brisbane, but smaller developments such as ‘six-packs’ which are targeted more at owner occupiers are in decline.
Property analyst Michael Matusik recently noted that the number of ‘walk-up’ units across the country had fallen by 56,000 dwellings since 2006, while the number of mid-to-high rise apartments had lifted by 194,000 new homes.
“In short, the older six packs have been knocked down to make way for bigger, taller and shinier new apartments,” he said.
But Mr Hassid said despite Brisbane being in the midst of a transition to more high density living, he doubted that six-packs would disappear from the city’s skyline.
“Most six-packs do not sit on high rise sites and you will not get enough site value to justify demolition unless it is a high rise site,” he said.
A block of art deco units in New Farm recently sold for the first time in six decades for more than $2.4 million to a local developer.
The building, Osmaston, at 598 Lower Bowen Terrace, generated a rental return of about $80,000 a year and offered strata title potential.
Young Brisbane couple Emily Lambert and Luke McCabe would be happy to get one sixth of a ‘six pack’.
They are in the market for an “older style” apartment with character because Ms Lambert believes they hold their value better than new apartments.
Ms Lambert, who is a real estate agent, said investors would be smart to buy a ‘six-pack’ unit block because they would have no issues finding tenants or onselling.
Brisbane graphic designer Rebekah Kington bought a one-bedroom, art deco apartment in a ‘six-pack’ just off James Street in New Farm 12 years ago and hasn’t looked back.
Miss Kington said she considered investing in a new apartment at the time, but was glad she didn’t.
“It had such a nice feel,” she said.
“As soon as I walked in, I felt at home. I loved the high ceilings.
“The newer apartments are quite small. They’re just really tiny and pokey.”
Miss Kington has since upgraded the bathroom and plans to renovate the kitchen.
Buyer’s agent Selena Corness of Universal Buyers Agents said now was a good time to enter Brisbane’s unit market.
“In the past 18 months, there have been a lot of new residential multistorey unit complexes completed within a 2 kilometre radius of Brisbane CBD … and this has flooded the market and pushed prices down,” Ms Corness said.
She said buyers could use that to their advantage and find an entry point into the market via an affordable unit.
“By buying smart and taking advantage of the market, buyers are really in the driver’s seat,” she said.
SIX-PACK UNIT SELLING POINTS
*No or reduced body corporate fees
*Hold their value
Council queries show Brisbane feeling the squeeze
The most commonly asked questions at the council’s Talk to a Planner sessions were about extensions, setbacks and new builds for housing.
Brisbane property owners are increasingly interested in sub-dividing their land in a sign that population growth is putting the squeeze on yard size.
More than 7500 people have queried Brisbane City Council’s planning and development guidelines in the past five years, with the most common questions being about the subdivision of lots and building regulations.
Property Council of Australia Queensland executive director Chris Mountford said the number of queries about housing and subdivision was a sign that property owners were adapting to life in a growing city.
The council has been hosting Talk to a Planner sessions since 2014 and has held 25 events with a total of 50 sessions.
These events, which have been held at several locations across Brisbane, have had 7752 attendees in total.
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