11 Lennon Lane, North Ipswich, Qld 4305

Set on a flood-free 506m² block, this solid 1970-built home offers classic construction with serious upside. Whether you're an investor chasing strong returns or a buyer looking for flexibility and location, this property delivers.

Just minutes from the Ipswich CBD, Riverlink Shopping Centre, and major employers like the Ipswich Hospital, it’s positioned in one of the city’s most reliable and in-demand rental pockets. It’s also incredibly walkable with schools, cafes, bars, gyms, and public transport all nearby. 

Given the ground floor’s ceiling height, private access, car parking, and the availability of electricity and plumbing, there are two clear strategies to significantly boost rental income and long-term value.

The first is a dual-income setup (STCA), where the lower level is converted into a self-contained unit. With a projected rental of approximately $400 per week downstairs and $500 per week for the existing 4-bedroom, 2-bathroom layout upstairs, the combined return could reach $900 per week.

The second strategy involves keeping the property under a single lease and targeting sharehouse or multi-generational tenants. With high ceilings and a partially built-in downstairs area, all that’s needed is the addition of a bedroom, bathroom, and kitchenette to create a functional 5-bedroom, 3-bathroom layout. Rented as one dwelling, given its proximity to town, a conservative rental appraisal sits at approximately $750 per week.

In a market where the average gross yield sits in the high 3’s, this is your chance to start in the high 4’s conservatively with strong potential for capital growth thanks to the location. It’s a smart buy for investors chasing both solid returns and long-term upside.

There’s also strong appeal here for extended families seeking dual living potential. The separate downstairs access, parking, and utility connections make it ideal for accommodating ageing parents, adult children, or relatives who want independence while staying close. This setup provides the best of both worlds—privacy and proximity—without the hassle or cost of building from scratch.

INDOOR FEATURES

UPSTAIRS

4 bedrooms, including a king-sized master suite with walk-in robe and private ensuite

Main bathroom with shower-over-bath, separate toilet, and standalone vanity

Roll-down blinds in all bedrooms and living areas 

Spacious open-plan lounge and dining area with direct access to the rear deck

Well-appointed kitchen featuring a gas stove, tiled splashback, generous bench space, and plenty of drawers for storage

Split-system air conditioning in both the master bedroom and lounge

Additional air conditioning in the fourth bedroom (end of hallway)

Ceiling fans throughout, including all bedrooms and two in the main living area

Low-maintenance Lino flooring throughout aside from bathrooms and toilet 


DOWNSTAIRS – YOUR BLANK CANVAS

Massive under-house space featuring concrete flooring, private entry, windows, and existing plumbing and electrical. With over 2.5m ceiling height, partial wall framing, and three automatic garage doors, it's ready for transformation. Includes a utility room and currently functions as a triple car garage.

IDEAL FOR: 

Teen or parent retreat

Home office or creative studio

Games/rumpus room or gym

Small business setup (beauty services etc)

Dual living conversion

OUTDOOR FEATURES

Beautifully restained, covered rear deck with park views and privacy blinds, the perfect BBQ or unwind zone! 

HUGE concrete driveway – space for 4 cars, or 2 + boat/campervan

Additional rear concreting and under-deck area – I'm thinking a hot tub, sauna or separate dining space for those downstairs

Built-in cubby house for the kids

Fully fenced yard – safe for kids and pets

Lawn for pets or future veggie garden

Garden shed + water tank

Entire exterior of the home including roof, gutters, eaves, walls, doors, frames, garage doors, and front/side fences was professionally painted in December 2023 (approx. $20,000 value)

LOCATION HIGHLIGHTS (approximate distance)

Riverlink: 0.6 KM

Nicholas Street Precinct – 1 KM

Ipswich Train Station – 0.7 km

St Andrew’s Private Hospital – 1.0 km

Ipswich Hospital – 1.3 km

Queens Park & Nature Centre – 1.8 km

Brisbane CBD – 42 km

Currently tenanted at $590 per week until 15 September 2025 with a high-quality tenant in place. For owner-occupiers, settlement can be aligned with the end of the lease to allow for vacant possession.

For any questions don’t hesitate to contact Connor on 0413 508 160.