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4 Townhouse/villa Development, Vic

Discussion in 'Development' started by Be Developer, 21st Aug, 2015.

  1. Be Developer

    Be Developer Property Developer Business Member

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    Location:
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    Location: Thomastown, Vic

    Build: 1 X 2 bed, 2 bath, 3 X 2 bed,1 bath townhouse/unit

    Total Cost: $1.1M

    Bank Val: $1.4M

    Market val $1.4M

    (end val may change subject to market conditions, hopefully North):)


    Property was purchased in early 2014 with view of developing in to 4 unit/townhouses. While we were waiting for plans and permits, it was rented out reducing holding cost.

    We bought property over the phone and Oscar arranged plans and permits for it.

    @Shahin_Afarin organised finance for property purchase.

    As I said in past, even though @Mflying became @Bedeveloper and Oscar(@OC1 ) moved on to focusing on his own developments only, we struck to our original verbal agreement of him managing the project till end. I sincerely thank him for work he has done on the project so far…. It really helps us with one less development to worry about!

    Our strategy on this one is, to sell half and keep half. Given its location and proximity to amenities, we are confident that 2 units/townhouses will be under offer in no time.


    Here are some pics..

    Before demo

    oldHouse.jpg

    after demo and site ready for slab

    image1.jpeg
     

    Attached Files:

    Last edited: 28th Aug, 2015
    Lone_Wolf, OC1, SOULFLY3 and 4 others like this.
  2. Coota9

    Coota9 Well-Known Member Premium Member

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    wombat777 likes this.
  3. wombat777

    wombat777 Well-Known Member Premium Member

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    It would also be useful to get a picture of deposits used for purchase / construction loans and LVRs ( as well as type of finance used ).
     
  4. Be Developer

    Be Developer Property Developer Business Member

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  5. Be Developer

    Be Developer Property Developer Business Member

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  6. wombat777

    wombat777 Well-Known Member Premium Member

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    Thanks! What are the dimensions of the block? It looks like a frontage around 15m???

    ( I have a property in QLD that is 15m x 40m, so wondering if something like this might be a future possibility )
     
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  7. Aaron Sice

    Aaron Sice Well-Known Member

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    plans or /delete/ban

    :)
     
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  8. Coota9

    Coota9 Well-Known Member Premium Member

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  9. Coota9

    Coota9 Well-Known Member Premium Member

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    Thanks @Be Developer
    Son is looking for a PPOR in the area,i assume your build is just off High Street close to train etc
     
  10. Be Developer

    Be Developer Property Developer Business Member

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  11. Aaron Sice

    Aaron Sice Well-Known Member

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    lol - i mean post up the floor plans, ya numpty.
     
  12. Be Developer

    Be Developer Property Developer Business Member

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  13. stumpie

    stumpie Well-Known Member

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    Thanks for sharing your project details, 650K for 4 townhouses is pretty good value. What is the site coverage?
     
  14. RetireRich101

    RetireRich101 Well-Known Member

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    so rough numbers are like :
    165k to build each townhouse
    350k end value for each townhouse

    profit is 300k or 20%. nice
     
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  15. Be Developer

    Be Developer Property Developer Business Member

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  16. Be Developer

    Be Developer Property Developer Business Member

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    May not work in qld..will depend on zoning, council and market demands.
     
  17. t3t5ujin

    t3t5ujin Active Member

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    Congrats!!
    Is 165k for a townhouse achievable?! Is it because the walls are joined, it's cheaper?
     
  18. MindMaster

    MindMaster Well-Known Member

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    Hi BD, Very interesting thread so I have a couple of questions for you.

    -what is the construction cost per m2?
    -how big are your 2 and 3 bed units?
    -for POS, what is the council requirement?
     
  19. Be Developer

    Be Developer Property Developer Business Member

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    @MindMaster

    It was typo of 3 bedroom... I just fixed it ..it is 2 bedrooms.

    2 of them are 12 sq (approx)
    2 of them are 7 sq (approx)

    Don't know total sq meter price for construction... But construction stage comes to $550k all up.

    Obv had to negotiate POS requiment with council to fit all that in on a block(oscar did all that as I had no input on that development application/design as I was really busy developing Syd one), plus 5% of total land value
     
    Last edited: 21st Aug, 2015
  20. JKWS

    JKWS Well-Known Member

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    165k per building! That's beautiful!

    What did your driveways and other site costs come to approx?

    Great looking development, congratulations.