$3 million? Tell 'em they're dreamin'
THIS unassuming Queenslander could prove to be a Brisbane suburb's most expensive houses.
THIS unassuming Queenslander could prove to be a Brisbane suburb's most expensive houses.
The owners of the Hazelmount St property in Bowen Hills in Brisbane's inner-city north are believed to have knocked back an offer of more than $3 million from a developer keen to secure the site for a residential tower.
Despite the knock-back, Metro Property Group has pushed ahead with its plans for the 30-level, 308 apartment residential tower, to be known as Madison Heights, on an adjoining site.
The property, which houses a cleaning company, Associated Cleaning Services, backs on to a site Metro bought in 2010.
David Devine, of Metro Properties, confirmed that he had made what he considered to be an "absolutely outstanding'' offer for the Hazelmount St property before designs were even drawn up for his project.
Industry sources said the offer was more than $3 million.
"When I bought that site (in front of it), the (Hazelmount St) house was there and I wanted to buy that house,'' Mr Devine said.
"I formally went along to the chap that owns it. I sat down with him and said, 'we are looking to develop this site'.''
Mr Devine said he made an offer but the owner told him he was not interested in selling.
As a result, the group went ahead and designed their project.
Mr Devine said about nine months later he was approached by the owners, who were considering selling, but by then his offer was significantly reduced as they had already planned the project without the land, so no sale went ahead.
Seamus Kay, of Associated Cleaning Services, said they were tenants and had no comment to make.
A person answering the phone at the home of the woman listed as the owner of the property said she did not own it.
Property records reveal it last changed hands in 1990 for $240,000 and its site value as at June 30, 2012, was $1 million.
Work is now well under way on the Madison Heights building, which will tower over the house.
Check out our new real estate section: It’s a feature-packed site that brings together News Limited's best property journalism, exclusive tools that put professional data in the hands of users, Australia’s best property listings from realestate.com.au and a team of independent property experts offering objective advice.