Equity Created:
The project ended with a net equity result of $97,296 after the project management fee.
Total equity created for clients $118,448.
Rental Returns
The 3 villas have been leased for:
$235 per week for villa 1
$220 per week for villas 2 & 3
Total rental return (in 2006): $675 per week or $35,100 pa
Gross Yield: 6.1%
The land for this development was purchased for $175,000 in 2005. This property was carefully chosen for clients by Property Bloom™ for two main reasons:
- The 736sqm land was DA Approved to build 3 villas and approved pre-Basix requirements.
- The location. In established, popular suburb, close to the local primary and high schools. Within 2.7km to CBD with open park land close by with bus stop about 10m from front door.
Internal Living area of villa 1 – 3 bedrooms: 95.13 sqm
Internal Living area of villa 2 – 2 bedrooms: 92.95 sqm
Internal Living area of villa 3 – 2 bedrooms: 85.92 sqm
Project Costs:
| Purchase price for DA approved 736.26sqm land: | $175,000 |
| Set up costs | $8,695 |
| Cost to construct Triplex: | $356,362 |
| Items handled directly by PM to save: | $26,204 |
| Strata Subdivision: | $3,606 |
| Total Costs | $569,867 |
Final Valuations in 2006:
| Villa 1: | $245,000 |
| Villa 2: | $230,000 |
| Villa 3: | $230,000 |
| Total: | $705,000 |
