10 Brereton Street, South Brisbane QLD 4101

Renovated South Brisbane house | 405sqm no overlays | Brisbane State High catchment | Leased until 2027 The buying case for this property rests on a combination that is increasingly rare in South Brisbane: a renovated four-bedroom house on a clean 405sqm block with no flood, bushfire, or heritage overlays, inside the Brisbane State High School catchment. For a buyer seeking a long-term family home in a tightly held inner-city pocket, that configuration represents a structural advantage. The two living areas and separate rumpus room give it genuine family functionality, while the existing lease at $1,050 per week until February 2027 provides immediate holding income for an investor who does not need to occupy. The property is best suited to a buyer who prioritises land position and school access over yield, and who can hold through a market cycle. The primary risk is the low gross yield of approximately 2.2 percent, which means the property is priced for capital growth rather than cash flow. A buyer paying above $2.5 million is effectively buying the land and the catchment, not the rental return. The current tenant lease also prevents owner-occupier entry for nearly two years, which may limit resale appeal in the short term. On the opportunity side, the absence of overlays gives the buyer optionality for future improvements or a potential subdivision if council policy shifts. The correct approach is to treat this as a land-holding strategy with a tenant subsidy, not as a yield play. Hold for a minimum of seven to ten years and let the precinct renewal and school demand do the work.