A Change In Circumstance
This couple had every intention fo carrying out this subdivision and renovating, but their circumstances have changed. With a bub on the way
and no time now to renovate, they're cutting their losses and moving on. Their loss is your gain! They've already started the subdivision
process and whilst the application is now withdrawn, a number of outstanding questions we had have been answered and they've indicated they
will supply us with surveys and plans to date. They are not property people, want to move on with their lives, and they want to do so quick
smart, hence the asking price that is actually less than they bought the site for. The subdivision will be via an Impact Assessable
application, but all signs point to a positive outcome (to be verified during a conditional period). Here is a rare opportunity to retain an
existing house (after minor modifications) and create a vacant block of land for about $150k equity gain. The very inner city location also
makes it suitable as a simple buy and hold or owner-occupier situation. We've run numbers at full ask of $760k, though in reality we might
need to be a touch higher.
This property is in a super-quiet street, which is quite remarkable in itself as it is a very inner-city location, just 2.5kms as the crow
flies from the heart of the CBD but just 1km from the edge. Local shops are a 300m walk, or 350m if you chose to go to a different group of
shops. Bus is just 350m walk as well and due to the location they are very frequent. A 650m walk gets you to a whole new world, complete
with supermarket, cafes, lifestyle amenities and educational facilities. In short, the location is very convenient and ideal for long term
hold in addition to the short turnaround option available.
The site currently contains a little QLDer home featuring 2 beds, 1 bath and a nice large rear deck and a front verandah that has come to
embody the QLDer style. The kitchen is a 90's (at a guess) laminate so very functional but dated. The bathroom will need to be rebuilt as
part of the development. An opportunity exists to create a third bedroom, the result being a small living room, but with a separate dining,
large rear deck and a location full of small worker's cottages, the outcome is very attractive.
The best bit is the ability to keep that house and create a vacant block of land beside it. Your application will be Impact Assessable as
we are proposing a 230m2 (approx) lot, but from what we can tell it has council support. More work required during a conditional period.
There is evidence to support both the house on a small lot and the small vacant land, with our numbers indicating $150k equity gain at
$760k buy (the asking price), however, we believe we need to be prepared to pay $770k in order to secure it.
This is a good opportunity to land bank, owner occupier, invest or develop. Interested parties should call Justin on 0410511535.
||2 bed QLDer
|Suburb Median Price: