Purpose of Purchase: Investment
Property Type: House
- 810sqm allotment over two lots
- Half zoned for 3 levels, half for single unit dwellings (house)
- Within 300m to shopping centre & train station
- Large number of renovated and contemporary dwellings in the street
A Successful Investment:
We were made aware of this property as an off-market sale. The vendor was seeking north of $800,000 with the expectation that he could develop the entire site to units/townhouses. We provided a town planning report informing otherwise to try to bring the sale price down to a residential housing value. He then accepted this and we purchased the property at a residential house value despite our own town planner advising us we could develop to units or townhouses over the entire site. The client has secured a great land bank opportunity and has the potential to renovate it with minor works to improve the rental yield for the short to medium term. The client is extremely happy with the outcome.