Brisbane City Council has doubled the amount of money set aside to acquire land in East Brisbane, as part of a major roads upgrade to one of the city’s worst traffic bottlenecks.
The council originally budgeted $30 million for the resumption of 38 properties which run along the northside of Lytton Rd, but have now increased this amount to $60 million, the Courier Mail reported.
According to realestate.com.au, the median house price for the suburb of East Brisbane, where the properties are located, is valued at just under $700,000, while the median price for a 2 bedroom unit in the same area is listed at just over $400,000.
The properties – located between Latrobe St and the Canning Bridge – consist of 7 houses, a 14-unit apartment block, four townhouses and three commercial properties, while another seven blocks of land will be partially resumed.
If all 38 properties were valued at the median house price of $700,000 each this would equate to an estimated value of $26.6 million, closer to the originally proposed budget.
Acting Brisbane Mayor Adrian Schrinner said residents whose properties were to be resumed would not be forced to sell immediately.
“Some people will want to continue living there for as long as possible… They can still have several years potentially living there and we’re happy to talk about that,” he said.
Stage-one of the upgrade to the Wynnum Road corridor will see the congested thoroughfare increase from four to six lanes, instead of the originally planned five lanes.
Schrinner said widening the road to three lanes in each direction would help to alleviate traffic and reduce travel times by 50 per cent.
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