The project ended with an equity result of $133,415 after the project management fee.
The 4 villas are leased for $255 per week each:
Total rental return (in 2008): $1,020 per week or $53,040 pa
Gross Yield: 7%
The land for this development was purchased in October 2007. The purchase price was $175,000. This property was carefully chosen for the client by Property Bloom™ for development for two main reasons:
- The land was already over two titles and we could build four x 2 bedroom villas.
- The location. The land is situated on a corner in a good street of this suburb with new brick and tile homes and next to a kindergarten.
Internal living area of villas 1 & 2 : 82sqm
Internal living area of villas 3 & 4 : 84.1sqm
Area of land assigned to each villa
Villa 1 ~ 259sqm
Villa 2 ~ 212sqm
Villa 3 ~ 234sqm
Villa 4 ~ 234sqm
|Purchase price for 1066sqm land over two 533sqm titles:||$175,000|
|Set up costs||$ 6,000|
|Cost to construct a duplex on Lot A:||$285,262|
|Cost to construct a duplex on Lot B:||$270,203|
|Items handled directly by PM to save:||$ 22,105|
Final Valuations in 2008: