440 Waterworks, Ashgrove
Listing data updated 29 June 2026
- This century-old Queenslander is a high-yielding asset in one of Brisbane's most tightly held blue-chip suburbs - a combination rarely offered in Ashgrove. Positioned on a single freehold title, the property comprises two fully self-contained and separately tenanted residences, complemented by an additional utility space below producing additional income. Offering immediate income with long-term flexibility, it presents an exceptional opportunity in a market typically defined by owner-occupier housing. With no body corporate, no strata fees and no shared title complexities, the property delivers the simplicity of a standalone holding with the versatility of a multi-income asset. A compelling opportunity for the astute investor seeking strong returns, land value and enduring capital growth within one of Brisbane's most tightly held inner-city suburbs. Equally, the property will appeal to owner-occupiers looking to live in one residence while generating income from the additional spaces in order to increase serviceability to purchase the next property. A stepping-stone. With a strong 5% return in a low-vacancy market, below-median rents and future rental upside already built into the holding, the opportunity is underpinned by both immediate income and long-term capital growth potential. Income: $650/week - 4 bedroom tenancy $625/week - 3 bedroom tenancy $280/week - utility space $40/week - electricity from 2 x solar systems Total : $82,940 per year Case 1 - Investment Property For investors seeking immediate income, the property produces returns well above typical local residential yields. The investment case is underpinned by strong cash flow, multiple income streams and the long-term scarcity of a quality established asset in Ashgrove. Case 2 - Owner-Occupier with Supplementary Income Live in one dwelling while generating income from the remaining spaces to pay the mortgage. Case 3 - Large Family Home Opportunity Occupy the property as a substantial family residence positioned on an elevated 865m² allotment with the views of the city skyline. Rich in character and scale, the Queenslander offers all the foundations of an exceptional family home, moments from parks, quality schools and CBD-bound transport for inner-city schooling. Generous in its current configuration, the home also provides flexibility to further reconfigure, renovate or enhance over time (STCA). Case 4 - Commercial Use Positioned close to the Ashgrove West commercial precinct, buyers may wish to investigate potential alternative uses or future opportunities (STCA). Case 5 - Short-Term or Furnished Accommodation The property has previously been utilised for short-stay accommodation due to its convenient access to public transport and the CBD. Depreciation schedule available on request. Contact Bonnie D'Arcy on 0423 005 563 to arrange a private viewing.
RealistIQ deal score
Good value signal
78
/100
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Listing details
- Status
- $1,652,500
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