Join Australia's most dynamic and respected property investment community

4 Townhouse/villa Development, Vic

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

  1. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    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

    Joined:
    18th Jun, 2015
    Posts:
    971
    Location:
    Melbourne
    wombat777 likes this.
  3. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,449
    Location:
    33°41'24.7"S 150°55'34.3"E
    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

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    @Coota9

    Of course I do!

    $450k Inc stamp
    695 sqm (approx)
     
  5. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    @wombat777

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

    LVR is 80%

    And it is resi construction loan!
     
  6. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,449
    Location:
    33°41'24.7"S 150°55'34.3"E
    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 )
     
    Be Developer likes this.
  7. Aaron Sice

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    900
    Location:
    Ocean Reef, WA
    plans or /delete/ban

    :)
     
    Blacky likes this.
  8. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    971
    Location:
    Melbourne
     
  9. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    971
    Location:
    Melbourne
    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

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia

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

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    900
    Location:
    Ocean Reef, WA
    lol - i mean post up the floor plans, ya numpty.
     
  12. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    SOULFLY3 and Aaron Sice like this.
  13. stumpie

    stumpie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    141
    Location:
    Paradise
    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

    Joined:
    18th Jun, 2015
    Posts:
    1,312
    Location:
    Sydney
    so rough numbers are like :
    165k to build each townhouse
    350k end value for each townhouse

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

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    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.
     
    SOULFLY3 and RetireRich101 like this.
  16. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia

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

    t3t5ujin Active Member

    Joined:
    12th Jul, 2015
    Posts:
    30
    Location:
    Sydney
    Congrats!!
    Is 165k for a townhouse achievable?! Is it because the walls are joined, it's cheaper?
     
  18. MindMaster

    MindMaster Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    73
    Location:
    China
    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

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    @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

    Joined:
    25th Jul, 2015
    Posts:
    66
    Location:
    Australia
    165k per building! That's beautiful!

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

    Great looking development, congratulations.