Penrith Development Here is a diary journal of my Penrith development that I am working on concurrently with the BH project. Purchase: Purchased a DA approved site for 5 x 2 bedroom townhouses at auction in June 2015. Although I had done the numbers prior to the auction – I hadn’t seen the site until the day of the auction. It’s a good flat block with brand new colourbond fencing on all 3 sides of the block that is going to save a few dollars down the track. I plan to commence construction February 2016. I am using the same builder as my Baulkham Hills project and I am getting him to do everything including most of the CC (CC drawings, hydraulics, landscaping, easement, construction, etc) Numbers: Purchase Price: $805,000 Stamps and Legals: $35,000 S94 and s73: $20,000 Misc Costs: $5,000 Holding Costs: $75,000 (approx.) Construction: $910,000 (including GST) Total: $1,850,000 Resales/Revalue @ $440,000: $2,200,000 Gross Profit $440,000: $350,000 Resales/Revalue @ $460,000: $2,300,000 Gross Profit $460,000: $450,000 This is very much a get in and get out project so im planning to build and sell as quickly as possible. At this stage im planning to sell 4 and keep 1. End debt against the remaining townhouse will be at most $90,000. Plan is to then leverage against this project and BH project and re-invest the funds in the next project. Finance is residential - 80% of in one line value.