The first Penrith development was a sell out and so easy to do so I have purchased another raw site with plans to build 6 x 2 bedders. I have been looking for months but all sites are massively overpriced but this one was too good to pass up. I didn’t find this site by accident – I send a lot of time on the net and I have researched specific areas for a long period of time but in turn when something of value comes up I can jump on it quickly with confidence. Site came on the market Thursday night and I went out on Friday morning and wrapped it up. I checked out the site with the architect and council whilst driving there (it was a good 50 minute car ride). Most likely to develop under the Affordable Housing Sepp so we can do 6 units instead of 5 units via the council DCP. We are also doing the box style design instead of the attic style as PC just changed their policy. There is a house on the site so will rent it out until we get DA/CC and are ready for construction. I’ve negotiated a 4 month delayed settlement and 5% deposit which is good. Will post the progress as we go along but it’s going to be a 18-24 month project. Purchase/closing costs: $900,000 Holding: $100,000 DA/CC/MISC: $100,000 Construction: $1,150,000 Sales @ $480,000 We are at concept stage but I have attached some plans – still far from being complete or final plans. We need to increase the bottom floor and decrease the top slightly but we can't go too big on the bottom due to the FSR limitations. Also since the walls are not overlapping we are looking to do cladding on top to minimise the need for support beams and thus additional construction cost.