The land for this development was purchased mid 2014. 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 two main reasons:
- The land was large enough for a duplex development.
- The location. The land is situated within a 20 minute drive to a major Hunter city 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.
Internal living area of three bedroom, two bathroom villas: 130sqm
|
Total Project Cost, including land, stamp duty, legals, DA, CC, build cost and Torrens title subdivision: |
$753,619 |
Final Valuations in 2015:
|
Villa 1: |
$460,000 |
|
Villa 2: |
$460,000 |
|
Total: |
$920,000 |
Equity Created:
The project ended with an equity result of $107,815 after the project management fee within 12 months.
Rental Returns
The 2 villas are leased for $475 per week each:
- Total rental return (in 2015): $950 per week or $49,400 pa
- Gross Yield: 6.6%
