The land for this development was purchased mid 2016. The purchase price was $270,000. The land is in a premium master planned estate with highly sought community facilities, close to school and shopping centre. This property was carefully chosen for the client by Property Bloom™ for development for three main reasons:
- The land was large enough for a duplex development.
- The amazing uninterrupted views.
- The location. The land is situated within a 20 minute drive to Newcastle and in master planned estate within walking distance to shopping centre and school. This location is highly sought after by families wanting to send their children to the local private school and who want the sporting and community facilities found within the estate. Also appeal to downsizes looking for smaller, low maintenance dwellings.
Internal living area of three bedroom, two bathroom villas: 140sqm
|
Total Project Cost, including land, stamp duty, legals, DA, CC, build cost and Torrens title subdivision: |
$715,449 |
Final Valuations in 2017:
|
Villa 1: |
$525,000 |
|
Villa 2: |
$525,000 |
|
Total: |
$1,050,000 |
Equity Created:
The project ended with an equity result of $334,551 before the project management fee within 12 months.
ROI 29% after PM fee.
Gross Rental Yield – 6.9%
