Highbury SA - Development

Discussion in 'Development' started by Brady, 3rd Sep, 2015.

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  1. Brady

    Brady Well-Known Member

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    @Erica I'll get some more pictures up once I've done the final touches on my place.
    - Built-in BBQ for alfresco is nearly ready to go in, just waiting on outdoor rangehood to be delivered
    - Hanging my TV in the alfresco (man cave)
    - Vertical garden outside of kitchen glass window splashback

    No plans at this stage, ARPA hit me reasonably hard, really only just snuck through.
    Will be paying down the PPOR and reviewing options, might look at doing some debt recycling with some shares.
    Waiting on partner to get her qualification, she will go fulltime straight away.
    Once that happens will likely start building her portfolio.
     
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  2. Brady

    Brady Well-Known Member

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    So got the TV up and mounted, go to turn it on... nothing. Looks like new bigger TV instead. Bit annoying after getting all the mounting ready, but should be easy enough to sort with the new TV now.

    Vertical garden structure is now in, now just need to pick out the plants. Have 64 small pots.
     
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  3. Brady

    Brady Well-Known Member

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    Update - shortform valuation completed now that all the properties are pretty much 100% established.

    LOT 1 - $650,000

    LOT 2 & 3 - TBC pending access as they're tenanted. I suspect $550,000, should know later this week.

    Very happy with the results, now have good chunk of equity.
     
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  4. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Damn!

    You made some good equity from this. I think you said it cost you 1.2m all up?
     
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  5. Brady

    Brady Well-Known Member

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    Accurate costs would be closer to $1.33M
    Did a fair amount of upgrades as the market warranted it and RES 1 is my PPOR so did some extra work.

    So looking at gross numbers
    Valuations RES 1 $650k + RES 2 (tbc) $550k + RES 3 (tbc) $550k = $1.75M
    Less $1.33M = ~$420k gross profit
     
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  6. Adelaide B

    Adelaide B Well-Known Member

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    that is very good outcome
     
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  7. Brady

    Brady Well-Known Member

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    As promised some pictures. Only have the TV cabinet, Bar/Wine Cabinet and Study to finish and I'm all done.
     

    Attached Files:

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  8. Perthguy

    Perthguy Well-Known Member

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    Looks great! :)
     
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  9. MoneyMan

    MoneyMan Well-Known Member

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    cant believe i forgot this thread, nice houses mate!
     
  10. Brady

    Brady Well-Known Member

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  11. Brady

    Brady Well-Known Member

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  12. NickWCBA

    NickWCBA Well-Known Member

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  13. Brady

    Brady Well-Known Member

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    Metro Homes
     
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  14. Thebiglebowski

    Thebiglebowski Well-Known Member

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    Good work on the build. It definitely looks much nicer than other new builds I’ve seen.

    when you reflect on your exit strategy do you think you were better off financially to sell and go onto the next project rather than sit and hold?

    I say that because $700k would have gotten you into prospect/nailsworth/west Croydon which have been growing extremely well over the last 5 years let alone last decade.
     
  15. Brady

    Brady Well-Known Member

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    @Thebiglebowski the one sold was PPOR so it was definitely much higher spec than the duplex (larger appliances, fireplace, built in BBQ, double shower, better fittings)

    It was my PPOR so if exited earlier would of had to find somewhere else to live.
    Also I needed to put a decent amount of funds for the finance, which meant had reasonably low debt for the PPOR loan.

    I sold this property (along with some others) to fund new PPOR purchase and renovations
    New HOUSE - floorplan change / Full Reno