Sold within days: Original studio in The New Yorker in Brisbane CBD

A studio in The New Yorker at 460 Ann St, Brisbane City, sold in less than two weeks for about 25 per cent more than listing price.

An original studio in The New Yorker in Brisbane CBD has sold for 25 per cent more than it was listed, with 15 offers, eight people flying in to see it and calls still coming in.

The investor owner of the unrenovated 32sq m studio unit had it on the market for just over a week before agreeing to an offer, after its single open home brought 25 parties through, with around 100 calls from both locals and interstate buyers.

Real estate agent Phil Whap of Xperience Realty Toowong, who listed the property with colleague Gabriel Baron, said calls were still coming in for the studio even though the listing stated it was “under offer”.

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The studio has high ceilings and expansive windows that let in loads of light.

The galley kitchen is good to go at $480 a week rent but has loads of renovation potential.

“We’re still receiving a lot of interest from the REA ad itself,” he said.

“It’s pretty amazing. It’s a huge studio at 32sq m. The fact that it’s got high ceilings really gives that sense of more space than a standard studio too.”

“It was purely an investment for our owner so they didn’t do too much work to it, but you can renovate in the building.”

The studio at 43/460 Ann St, Brisbane City, was listed at offers over $199,000, with the owner accepting an offer in the mid $200,000s.

Annual costs include body corporate fees of about $3,500 and council rates of about $1,800, with the studio renting at $480 a week until January 2024 – giving the new owner an estimated 9.98 per cent gross rental yield or 7.86 per cent net, with cashflow at $19,660 yearly as is.

Open plan with a galley kitchen and separate bathroom.

The layout of the studio.

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Mr Whap said the size of the studio and the heritage nature of the building were key attractions.

“Fifty per cent of our buyers were only looking at either The New Yorker, The Manhattan or The Metropolis,” he said.

Located on the inner city border of the CBD, Spring Hill and Fortitude Valley, the studio drew solid interest thanks to its prime location, and expansive features including high ceilings, enormous windows, wooden floors and potential.

Mr Whap had warned buyers when the listing went up that it would be snapped up fast, as evidenced by the 15 offers that were lodged within days of the studio hitting the market.

The laundry is within the bathroom, which is neat and tidy but could be amazing with an upgrade.

The New Yorker has gym space for residents.

There’s also a residents’ sauna.

The New Yorker building was described as “urban elegance”, epitomising the lifestyle of the city it is named after.

“This studio apartment is not only a stunning visual masterpiece but also a practical sanctuary for modern living,” the listing said. “The open floor plan allows you to create distinct living, dining, and sleeping areas, all seamlessly connected in a harmonious flow. Whether you choose to unwind after a long day or entertain friends, this versatile space accommodates your every need.”


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