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 They've already started the subdivision process and whilst the application is now withdrawn, a number of outstanding questions we had have been answered and they've indicated they will supply us with surveys and plans to date.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

An Eye for the Future


This is a nice large lowset home that could suit a family or land banker, as below the home is 800m2 of subdividable land. It doesn’t work to subdivide now but what we particularly like is the large and liveable home will make it easy to hold, and generally speaking the value of large houses on land vastly outstrips their land value, but not in this case. The house contains 5 bedrooms, two bathrooms and multiple living areas. It is a super quiet street in an outer suburb location popular with family buyers and a short walk to plentiful of parkland and a long walk or short drive to a heap of shopping. This would suit an owner occupier or could rent for $800-850pw, making it suitable as an investment with that land banking for future subdivision twist. Market research tells us it is worth $1.2m but we want to get it for under $1.15m, ideally $1.125m. Interested buyers should call Justin on 0410511535.

Cherry on Top


We’re the first to admit the numbers don’t work for this site, but it is still terrific buying when you take all things into consideration. Firstly, as far as we can tell, the price we’re hoping to pay for this will make it one of the most affordable house sales in the suburb in the last 12 months for a non main road, non flood affected house on 400m2 of land or greater. Secondly, it is on more than 400m2, much more at 565m2 approx. Thirdly, it is a reasonable sized character filled home that is not only liveable now (though dated), but it *may* be possible to create dual living out of it to increase the rents. Fourthly it is in a terrific suburb with great connections to buses, trains, shops and services, making it attractive for tenants. And finally, and this is the big one – the cherry on top – it is zoned MR. Not only is it one of the more affordable properties in the suburb, with a liveable house, but it also comes with a fabulous zone. Buyers at around $950k should call Justin on 0410511535.

Great Spot to Subdivide


This 1012m2 lot is in a fabulously handy spot very much suited to family buyers. It has a liveable house for occupiers or land bankers but ultimately you want to knock down and subdivide. With demand these days for larger lots, the 500m2+ resulting lots should be well received. You are a short walk to a very popular school train, renowned parkland, supermarket, cafes and shops, and yet the street itself is quiet. At $1.5m buy our numbers indicate between $215k and $255k equity gain (so hasn’t taken into account GST or sales costs) is likely. Buyers at $1.5m should contact Justin on 0410511535.

Wow


Be stunned by the size of this house, be stunned by the two developable lots it sits on and be absolutely stunned by the amazing views this property achieves. On offer is a big house in excellent condition, and when we say big we mean BIG! The house comprises of 6 bedrooms, 6 living or dining spaces, 3 car garage plus workshop and storage spaces, 3 bathrooms and a massive roof deck that captures 180 degree views of the city, suburbia and beyond. Underneath the house is 810m2 of land consisting of two lots that could accommodate two very upmarket and highly prized homes. The numbers work for immediate development IF we have faith in breaking suburb records, but would also suit an owner occupier (especially someone with a large family, or who works from home or perhaps has trailers or tools) as well as tenants. Buyers at $2.35m to 2.4m.

 

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