The project ended with an equity result of $137,815 after the project management fee.
$340 per week for the house
$230 per week for villa 1
$230 per week for villa 2
Total rental return is: $800 per week or $41,600 pa
Gross Yield: 7.72%
The property at was originally a 1012sqm corner block with 4 bedroom brick and tile house in need of renovation. The property was purchased in July 2005. The purchase price was $270,000. This property was carefully chosen for the client by Property Bloom™ for development for two main reasons:
- 1. The 1012sqm corner block has optimal development potential due to aspect, elevation and levels. The brick and tile four bedroom house was original and upgraded as part of the project.
- The location. On a peaceful street within walking distance to primary and high schools. Only 2.4km to CBD with open park land close by.
Internal Living area of villas 1 and 2: 71 sqm
Area of land assigned to each villa
Renovated house ~ 540sqm
Villa 1 ~ 236sqm
Villa 2 ~ 236sqm
|Purchase price for house on 1,012sqm CORNER:||$270,000|
|Set up costs||$11,431|
|Renovation to existing house:||$15,206|
|Cost to construct duplex:||$196,660|
|Torren’s Title & Strata Subdivision costs:||$19,072|
Final Valuations in 2007:
|Four bedroom house on 540sqm Torren’s Title:||$240,000|
|Strata Titled 2-bedroom villas:||$245,000 each|