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This 810m2 LMR2 site is surrounded by units and within a short walk of train, allowing 3 storeys as of right, which should net you 6 gun
barrel style townhouses, but with potential scope to take advantage of proposed rule changes and achieve 4 storeys and reduced parking. Not a
bad upside to have! Off market and looking at $1.7m to $1.8m.
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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.
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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.
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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.
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