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This outer suburb property is a circa 600m2 corner lot within 200m walk of shops as well as train and buses, making it a likely candidate for a 2 lot subdivision. It is close to a busy road, so probably not as suitable for an owner occupier, however, the super handy location means it would ideally suit the construction of two rooming accommodation houses to hold. As is often the case with rooming houses, the equity gain isn’t huge, but the potential rental return from these 10 rooms sits at about 9% gross. Buyers low $600k should call Justin on 0410511535.

It's What's Underneath That Counts

Normally when buying a block of 5 units you’d expect the units themselves and their return to be the star attraction, but not here as it is what’s underneath that counts. These strata-titled units are sitting on over 800m2 of land that can be subdivided and should attract a sale price of $900-950k each, a total of $1.8 to $1.9m, which is far in excess of the proposed $1.6m buy price. Now don’t be mistaken, we can’t buy and do this immediately and make money because of the costs involved, but it should be possible to achieve around a 5.2% gross rent return, which will make the complex easy to hold for the medium term, at which stage we are knocking her down and creating the land! Buyers at $1.6m.

Working on It

We’ve just been told about this property that’s ready to hit the market, so we’ve got the inside running, which is good news when you consider it is a likely 2 lot subdivision. Surrounding sales definitely support their $900k+ expectations, however, we’ve got no evidence of what the end product will be worth, and what sales exist suggests we can’t use any that are any older than about 4 months. So, we’ve got a bit of work to do still in determining end values. Regardless, what we do like is the other sales around the area definitely support the ask, and they can’t be subdivided, so even if the numbers don’t stack up immediately, you are far better holding this with development potential than the other houses. Some of these sales may also be as knockdowns to build a single house. Our site is 730m2 approximately and due to the proximity to shops should be able to be subdivided. Buyers at low $900k.

Line Them All Up

This property has been for sale on and off over a period of time with an unrealistic price, however, whilst the price has never changed the market has, and finally it is worth a good look at. On offer is a post-war house situated on 4 lots totally over 1600m2 in a location that is highly sought after and demolition is often difficult, which makes this one all that more attractive. The suburb consistently achieves $2m to $3m house sales and this property is well positioned, being one of the better street, North-South orientated, flat and within a short walk of a new supermarket and local shops and walking distance to a large number of cafes, buses and trains. The plan is to demolish everything on site and build 4 upmarket homes across the 4 lots. Our numbers indicate approximately 20% equity gain, which when you consider there is no subdivision involved, no infrastructure charges payable, it is Class 1 construction and you can likely be in and out within about 12 months from settlement, is a good margin. Buyers at $3.8m should call Justin on 0410511535.


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