Developing in Perths flat market...

I'd rather get this for that money.

West Perth address available on request - Unitblock for Sale #122344830 - realestate.com.au

 

I like that one. But why list it as "address available on request" when they have a photo of it? Is the address a state secret?

Nice block size for West Perth. I reckon it's a winner!

 

To see if you read the Ad so they can qualify the buyer.

Many have the address mixed in with the blurb or in one of the photos showing the street name

 

Reckon it's 21 Florence St, West Perth? Found after a 90 second google search.

 

Easy to spruce up that facade, too. I wonder how much the apartments would rent for?

 

I can imagine converting the top units with a small spiral staircase and a loft-style second bedroom - making the upstairs all 2x1s.

The equity add alone would be worth it.

 

Nice thinking

 

Yeah I like that one on Florence too. I lived in the complex next door and my 3rd floor got city views.

 

this is interesting, for a renovation
- holding costs, selling fees, stamp duty and taxes, its seems to be ok for a 12 month hold, especially if you have lived there for the 12 months while renovating to avoid CGT (tho I know we are not quite in December yet ahah)

Sold Price for 26 Rothesay Heights Mindarie WA 6030

26 Rothesay Heights Mindarie WA 6030 - House for Sale #122657182 - realestate.com.au

any way not great, but interesting

 

a bit of a price difference on the add tho! 2m - 2.5m hmmm Ill take 2m if your giving me a choice...

 

This isn't something I would normally look for. Can you run through how you add or extract value from this deal?

 

One of the things which it says is that there is some 'left over' plot ratio so you might be able to build some more where the car park is - have parking at ground and some more apartments above it.
I'd also look at creating bigger, better balconies, render the whole thing, replace windows. @Aaron Sice's idea of taking off the roof and putting on a new pitched roof with dormers to get a loft is great.
This was one that was done quite well on Scarb Beach Rd in Doubleview. I'll see if I can find one of the ads Sold Price for 10/219 Scarborough Beach Road Doubleview WA 6018

 

Re-imagining existing structures and spaces.

Prob needs a new roof anyway - all the old elec storage HWUs up there....

 

I remember when this was originally put up for sale. No strata titles - all single title. Value add potential wa s huge when it was bought for 2.2m IIRC.

Appreciate the kind words.

 

This is actually a no-go.

You have ton end up providing the same amenity as the current codes.

End up usually being short on balcony space, laundry amenity, visitor parking and store rooms - let alone energy efficiency, fire ratings etc etc.

To 'just' add 3x more apartments would mean spending possibly more money (and requiring space you don't have) than the exercise is worth.

Better to re imagine existing spaces and use up your spare plot ratio that way.

 

Hmm yes I was thinking about how non compliant the old building would be and how that might put a spanner in the works.
Do you think getting a DA to put in extra loft rooms wouldn't require whole building to comply? I have no idea.

 

I can hear your brain gears whirring and calculator buttons tapping from here, Myf.....

The renovation alters the original deposited SP so I would assume so - BUT - extending balconies is easy, providing extra parking and space for storage is not.

Depending on the design, might even have to look at the old MacJones trick of stores on balconies - but if you're putting a new roof on, an attic ladder and roof storage from the balcony would solve your store compliance and a new roof would likely trigger a new firewall extension anyway.

Versus providing an extra 3x apartments and having to do all of the above anyway? I know which one I would pick.

I'm currently designing some reno's for some of these flats in those big towers around the place for a client of mine, so have come up to speed on these old 60s buildings. Combined with what I've learned about Maylands and that reno, these are about on par!

Lots of little tricks involved to really maximise the potential and turn an average reno into a pearler.

 

Still on the market. Holding costs must be killing them!

 

I'm not a proponent of selling but it really makes sense to pre sale 50% in a big development to reduce risk

 

Ouch.
Listed from $3,890,00 then All Offers Presented, the Offer Mid $3m, now Offers from $3,290,000
It's owned by what seems to be a builder but they bought the block for $735k in 2013 and I would assume it would have cost them about $2m to build at $200k per apartment which is which is a low rate per apartment but what I assume a builder may be able to achieve. Plus holding costs
So they are probably in the hole around $3m