This project was completed in April 2014. The property was a 3 bedroom house on 1012sqm of land with a second street frontage. The project included:
- Renovations to the house
- Torren’s title subdivision
- Building of a 3 bedroom duplex (2 x attached villas)
- Strata subdivision of the villas
Equity Created:
The project and ended with an equity result of $90,052 after the project management fee.
Rental Returns
The House rents for $340 per week and the new villas are leased at $350 per week each:
Total rental return: $1,040 per week or $54,080 pa
Gross Yield: 8%
This property was carefully chosen for the client by Property Bloom™ for development for two main reasons:
The land had a house in good condition on it as well as being large enough to build a duplex.
The location. The land is situated within walking distance to this city’s CBD.
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Total Project Cost, including land, DA, CC, build and subdivision costs: $693,574
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Final Valuations in 2014:
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House: Villa 1: |
$240,000 $300,000 |
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Villa 2: |
$300,000 |
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Total: |
$840,000 |
