4 Townhouse/villa Development, Vic

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



after demo and site ready for slab

 

@Be Developer

Do you have purchase price,block size etc

 

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 ).

 

@Coota9

Of course I do!

$450k Inc stamp
695 sqm (approx)

 

@wombat777

Have to dig up exact $ figure went in to project so far.

LVR is 80%

And it is resi construction loan!

 

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 )

 

plans or /delete/ban

 

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

 

Happy to say none of that will happen to thread.. unless you buy out PC and/or Be Developer!

 

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

 

@Aaron Sice

wont happen... (Copyright)

 

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

 

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

profit is 300k or 20%. nice

 

2x $365k
2x$335k

Offers will indicate true value but seems like location and bit of creativity on plans will get us to above numbers.

 

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

 

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

 

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?

 

@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

 

165k per building! That's beautiful!

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

Great looking development, congratulations.