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Latest Alerts

Basic


Pretty basic and boring this one. We like basic and boring! Post-war house that is liveable, can be demolished, sitting on 2 lots of LR land, gently sloping and close to train and local shops. There’s three development options that stand out for the site, a fourth if we include simply land banking. Though the numbers for all three options are only average, the simplicity and state of the market make this alert worthy! Buyers at $1.45m.

Troubles


We don’t know the owner’s reason for selling, but we can theorise that they’ve had troubles with their numbers, and with stormwater. Good news is we’ve got a solution to both! On offer is a fabulous 860m2 LMR site in a quality street, within a premium suburb, with superb Northern views. It comes with approval for 4 x 3 storey townhouses, which whilst are a good layout, quite frankly is undercooking the site and has created a stormwater issue. Our fix is six townhouses (the architect clearly didn’t try hard enough) that gets stormwater to the kerb. Our numbers for this sit at around 30% equity gain. As an added bonus, the site already features 4 flats bringing in $95k pa. At 3.5% gross this doesn’t represent a great return (actually it is good for the location), but is far more rent than you could usually expect from a development site in this location. The greater advantage is more infrastructure credits can be applied. This is a great opportunity. Expectations are mid to high $2m. Our numbers work up to $2.75m but let us aim for a little less initially.

More To It


There’s more to this property than we first thought. On offer is a vacant parcel of land in a fabulous location, but with some minor flooding. As a result of this we believe subdivision is not possible, so we assumed there’d be no viable options moving forward considering the land size. However, we’ve come up with a design for three townhouses that works surprisingly well and would be highly sought after in this location. It has been a while since we’ve managed to make a three townhouse site stack! Numbers are indicating approximately 29% equity gain. This one is going to auction and we’re working on a buy price of $1.2m.

Decisions


There are a few decisions to be made with this site. On offer is a comfortable 2 bedroom home, which if you were looking to hold for the medium term you would try and convert to a three bedroom home. It sits upon over 600m2 of land in a nice, quiet and convenient street, with the likely ability to subdivide into two lots. It is a corner lot with an odd shape and advantages and disadvantages in how you create the two lots. You are buying at about land value so we know this is a good buy, and the site would suit 2 x rooming houses, but the numbers, whilst acceptable, are only average. So… do you hold or develop? Do you leave as a two bedder or create the third bedroom? What lot shapes do you think is most advantageous? Do you create rooming now or later? Do you bank on increasing rents? Lots of decisions to make, but at just over $1m, this represents a good pickup for a variety of buyers.

 

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