The project ended with an equity result of $47,108 after the project management fee was deducted.
The 2 villas are leased for:
$350 per week for villa 1
$350 per week for villa 2
Total rental return (in 2009): $700 per week or $36,400 pa
Gross Yield: 6%
The land for this development was purchased in February 2008. The purchase price for the land was $150,000. This property was carefully chosen for the client by Property Bloom™ for development for two main reasons:
- The land is a 987.7sqm corner block with good northerly aspect, perfect duplex site.
- The location. The land is situated in a premium estate at the foot of the Hunter Valley vineyards, located in a quiet no-through road, close to High School. Within close proximity of major facilities including; approx 3,5km to shops and post office, playing fields and parkland are within 1km, within 3.1 kms to the Hospital, within 1.9km to local golf course and Country Club and within 4kms to CBD.
Internal Living area Villa 1 – 3 bedrooms, 2 bathrooms: 123.5sqm
Internal Living area Villa 2 – 3 bedrooms, 2 bathrooms: 122.9sqm
|Purchase price for 987.7sqm land corner block:||$150,000|
|Set up costs:||$7,715|
|Cost to construct a duplex:||$424,017|
|Items handled directly by PM to save:||$39,107|
|Strata Title Subdivision Registration:||$1,864|
Final Valuations in 2009: