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 They've already started the subdivision process and whilst the application is now withdrawn, a number of outstanding questions we had have been answered and they've indicated they will supply us with surveys and plans to date.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.

Specifications

Proposed Offer:
$770k
Site Value:
$630k
Land Size:
505m2 approx
Dwelling:
2 bed QLDer 
Suburb Median Price:
Houses $785k
Units $395k
Source: www.realestate.com.au
August 2019

Latest Alerts

Line Them Up


This super handy site is 809m2 of LMR2/3 gold. It is a corner site, and yes, one of the streets is busy, but the position is within walking distance of a monster number of amenities including trains and cafes. It is also a premium suburb, but because we front a busy road the result is we’ll be bringing to the market a more affordable product in an otherwise expensive location. What we particularly love is the corner allows us to line up 6 townhouses terrace style, which is always an attractive outcome. The location should also allow 3 storeys, which is how we are achieving 6 dwellings in total. We need to assume one common driveway but it may be a possibility to freehold these, though whether you choose to or not is up to you. Our numbers are indicating 24% equity gain, but your product only needs to be a midrange finish so perhaps there are savings to be made in construction. Buyers at $950k.

From Wipeout to Perfect Barrel


This seller has done the hard yards by gaining an Impact Assessable approval for a boundary realignment, house shift, extension and new house, but for whatever reason have decided not to proceed. He tried selling but at too much money during a pandemic. The result is a wipeout with them set to lose money! But you can turn their wipeout into a perfect barrel as our research indicates there is good money to be made here! This project will involve the shift, extension and renovation of a house, and the construction of a new house beside it for an anticipated equity gain of almost $500k or 21%. It gets better though, as the property is super well located, backing onto a creek, moments from hectares of parkland, inner-city and in a suburb undergoing heavy regeneration. Buyers at $1.05m.

Long Time Coming


It has been a long time coming for this alert. The seller has been trying to sell this property at various times for a number of years with a number of agents, a number of strategies and both on and off-market. There has been three reasons a sale hasn’t eventuated – initially a poor design, then a silly price, followed by a stupid strategy. The funny thing is, there is nothing wrong with the property, all issues have boiled down to the seller! So what has changed you ask? Firstly, they have an approval for three townhouses that has largely been forgotten about whilst they marketed a different strategy. This approval is actually pretty reasonable and also wouldn’t be approved today. Secondly, the price is finally getting into realistic territory. We are told $650k is what he’ll take, but $630k with a clean contract. We’re working on the latter price of course, regardless of how clean our offer is. Our numbers indicate a 20% equity gain, which only just makes the grade, however, it is already approved and 3 townhouse developments are probably the hardest to make work at the moment, hence it is alert worthy!

Make It Work


This one is super well located and offers multiple opportunities, and we know it will work – we just need to find a way to make that happen! On offer is over 1600m2 of LMR2/3 land in a quiet street in one of the better parts of the suburb, as evident by recent townhouse sales. It features 2 houses, one of which we believe must be retained, and over 60m of depth to play with. There are numerous development options but the one we feel is likely to work best is 10 townhouses, we just need to find a way to make them fit along with communal open space, bin space and a place for a garbage truck to fit on site. With a higher end finish we believe about 26% equity gain should be possible. A similar return should be expected from a midrange finish with lower costs and lower end values, but as mentioned, we need to work on our plans a bit harder. The agent is indicating a $1.9m purchase price though our preference is to buy it closer to $1.8m.

 

Join our community

Community

Join Our Community

Keep up with the latest developments in the market for established properties in South East Queensland.

 
E-mail Address:
Full Name:
Postcode: