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Cheap 1 into 2 splitter in Kenmore, Brisbane

Discussion in 'Development' started by RPI, 18th Mar, 2016.

  1. RPI

    RPI Property Lawyer, Town Planner Business Member

    Joined:
    19th Jun, 2015
    Posts:
    713
    Location:
    Brisbane
    Hi All

    I have elderly clients that we are assessing their block and it has some issues (although not from a DA point, just resale). I am thinking you could pick it up for not much more than they paid for it in 2006. I haven't run the figures, don't know the area etc but it strikes me as a good block to learn on.

    This one will be at a price point you couldn't normally split in Brisbane, the returns will be lower than normal by my guess but the price point will also make it ideal for a first time developer wanting to get in earlier than they otherwise could

    This block should also end up being cheapest single resi lots in the area.

    The block:
    1. is ~1207m2 rear lot;
    2. backs onto the reserve of the western freeway;
    3. contains a double storey brick veneer house that would be 15 years old at a guess, but it has a bad termite infestation. As in when they were being moved out there was mud nests behind the furniture where the termites had made it through the gyprock.

    So will be a 1 into 2 subdivision with the concrete driveway already done and in good conditions. Already has one lot of power, sewer and water down the drive. Looks like it has enough space to go again down the otherside without cutting driveway

    Planning report on it almost done.

    Please PM if anyone wants address as it is not listed with an agent yet
     
  2. RPI

    RPI Property Lawyer, Town Planner Business Member

    Joined:
    19th Jun, 2015
    Posts:
    713
    Location:
    Brisbane
    Other option on this one would be for a carpenter who is handy. It a nicely landscaped double storey with a pool but estimates are that it would cost $100-$120k to fix the termite infestation, as in ripping off gyprock and replacing eaten timber
     
  3. mcarthur

    mcarthur Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    532
    Location:
    ACT