I love success stories; they inspire me to step up and play at a higher level, they show me what’s possible when you put your mind to it, create a big enough why and take massive action.
The success story I’m talking about (that’s currently in progress) is an off market site in Brisbane we recently acquired for our client.
The site is an 810m2 single lot block that has potential to be split into 2x 405m2 lots. My client also intends to build two high-end dwellings on each new lot, as a precedent has already been set in the street.
During the due diligence period he learnt that vacant lots in this suburb have a median value of $560,000 so he would be getting an uplift of $90,000 for his subdivision, not a bad start.
He also learnt that quality new builds in the area (and the street) had a median value of $1.275m. So if he went on to build the two new dwellings, the net profit is $431,000 after all costs. A healthy 22% profit on costs, now were talking!
With a timeline of about 6 months for the subdivision, then another 6 months for the construction, my client will be taking these new dwellings to market approximately mid 2021 – when COVID-19 will be a distant memory.
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