The most expensive suburb in Brisbane just saw a home sold for $6.05 million – but in just a few years, its new build is estimated to make the property worth $20 million.
The four-bedroom, one-bathroom home at 38 Beeston St, Teneriffe, was bought by vendor Malia Chappel as a means to build her family’s dream home.
To do this, she decided to work with renowned architect Shaun Lockyer to rebuild the site with a whole new look.
“When we purchased it, we were huge fans of Shaun,” she said. “He came in, looked through [it], and we decided we would put together what we thought at the time would be our forever home.”
38 Beeston Street, Teneriffe, just sold for $6.05 million.
The home is one of only 22 properties sitting by the Teneriffe Reserve, representing more than 7 acres of protected bushland near the city.
Sixty Four Property agent Ivo Kornel said the property’s size of 866 sqm made it a rare and valuable property in the already expensive market.
“Double blocks that back onto the reserve are few and far between,” he said. “If you want to be backing onto a heritage reserve, then your options are really limited. I think in most lifetimes, you might get one of these options.”
Teneriffe is Brisbane’s most expensive suburb to buy in, with this property facing the protected Teneriffe Reserve.
The plan was to turn the home into a five-bedroom, five-bathroom property: including a granny flat on the middle floor of the location.
But as designs and approvals were being finalised, a surprise pregnancy meant Ms Chappel would no longer have the time to oversee the build.
“A lot of effort, time and of course money … went into establishing those plans,” she said. “Thinking we [just] had older kids, and not realising we were about to have a little baby as well!”
The large block of land directly overlooks the bush, and is only one of 22 homes bordering the site.
The family then sought to sell to someone interested in continuing the already organised plans for the house, who would appreciate the value of a new build in that location.
“It’s a very special block,” Ms Chappel said. “It’s like you don’t have a neighbour, because the ones below you are down quite low and the ones above you, you don’t see.”
Mr Kornel said the home was purchased by a man in his 30s from Townsville, who had been looking to work on a project in Teneriffe for “years”.
“He was always our buyer as soon as we launched it,” he said. “He knew that if he didn’t jump on this one, there’d not be another one like it.”
Future renders of the Shaun Lockyer rebuild, estimated to make the home worth around $20 million.
The home had previously sold in 2022 for $5.05 million.
Mr Kornel said after the build was finished, the new owner planned to sell the home to a wealthy buyer who did not have the time to build their own dream home.
The Shaun Lockyer build is estimated to increase the value of the home by nearly $14 million.
“They’re probably starting tomorrow; it’ll be finished within 12-18 months,” Mr Kornel said.
Construction is expected to finish on the new home within the next two years.
With Brisbane’s upcoming Olympic Games and its growing developments, Mr Kornel added he felt a $6m home in Teneriffe today was “smart buying”.
“A lot of people are gonna look at that $6m [sale] and think, ‘wow, that’s a big price’ – I don’t think that is,” he said.
“I think what’s expensive today will be cheap tomorrow … they know that $20m price tag will be $30m in years to come.”
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